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  • FIRST POST
    • Jjah
    • By Jjah 13th Apr 19, 9:36 PM
    • 9Posts
    • 0Thanks
    Jjah
    1st time buyer with 17 year old
    • #1
    • 13th Apr 19, 9:36 PM
    1st time buyer with 17 year old 13th Apr 19 at 9:36 PM
    Hi all,

    I did a telephone affordability with Natwest to see if I could have a mortgage.

    There is a bit of a catch 22 though.

    Child tax credit and child benefit are accepted _but_ they would not be considered with a 17 year old son for obvious reasons that he will not remain 17 for long.

    Fair enough.

    But here is the catch 22....

    If I declared him as a dependant, it would significantly limit the amount I could borrow - but he is 18 in September!

    Do I include him in the application as a dependant?

    Thanks in advice
Page 1
    • LRmortgage
    • By LRmortgage 13th Apr 19, 9:54 PM
    • 220 Posts
    • 81 Thanks
    LRmortgage
    • #2
    • 13th Apr 19, 9:54 PM
    • #2
    • 13th Apr 19, 9:54 PM
    Speak to the lender, I know in some circumstances if a commitment is ending in the next 6 months they will allow you to leave it off the application.

    Whether this applies to dependents I’m not sure, but worth asking them the question.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Jjah
    • By Jjah 13th Apr 19, 9:55 PM
    • 9 Posts
    • 0 Thanks
    Jjah
    • #3
    • 13th Apr 19, 9:55 PM
    • #3
    • 13th Apr 19, 9:55 PM
    Thanks so much!
    • sammyjammy
    • By sammyjammy 14th Apr 19, 9:40 AM
    • 4,527 Posts
    • 4,962 Thanks
    sammyjammy
    • #4
    • 14th Apr 19, 9:40 AM
    • #4
    • 14th Apr 19, 9:40 AM
    Hi all,

    I did a telephone affordability with Natwest to see if I could have a mortgage.

    There is a bit of a catch 22 though.

    Child tax credit and child benefit are accepted _but_ they would not be considered with a 17 year old son for obvious reasons that he will not remain 17 for long.

    Fair enough.

    But here is the catch 22....

    If I declared him as a dependant, it would significantly limit the amount I could borrow - but he is 18 in September!

    Do I include him in the application as a dependant?

    Thanks in advice
    Originally posted by Jjah
    Being 18 in September doesn't automatically make him a non-dependant though, is he at college/sixth form? Will he be next academic year?
    "You've been reading SOS when it's just your clock reading 5:05 "
    • Jjah
    • By Jjah 16th Apr 19, 11:14 AM
    • 9 Posts
    • 0 Thanks
    Jjah
    • #5
    • 16th Apr 19, 11:14 AM
    • #5
    • 16th Apr 19, 11:14 AM
    He is looking at paid apprenticeship options after summer.
    • ACG
    • By ACG 16th Apr 19, 11:27 AM
    • 18,716 Posts
    • 10,326 Thanks
    ACG
    • #6
    • 16th Apr 19, 11:27 AM
    • #6
    • 16th Apr 19, 11:27 AM
    Speak to the lender and explain he will not be a dependent from whenever. It is not a catch 22 as such as he may still be a dependent at 18. My little brother is 23 and works part time but his money goes on his xbox. He is very much still a dependent and probably will be until he finds a Mrs who will wrap him up in cotton wool as much as our dad and his mum do.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Jjah
    • By Jjah 16th Apr 19, 4:38 PM
    • 9 Posts
    • 0 Thanks
    Jjah
    • #7
    • 16th Apr 19, 4:38 PM
    • #7
    • 16th Apr 19, 4:38 PM
    Very true!
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