Remortgaging - Childcare Costa

[lee12345]

Hi,

I'm looking for some advice on applying for a remortgage with childcare fees. We are looking to remortgage our home in a years time (I need to buy out ex partner). We do not earn a huge amount, but household income of around £40k. I have used to online mortgage calculators but have found there seems to be a huge difference in the amount we can borrow depending if I state childcare fees. Has anyone had experience of applying for a mortgage with childcare fees? Are there any lenders who do not penalise you as harshly?

The usual advice in these cases is to go to a mortgage broker.

Lenders are going to look at your outgoings to see what you can afford, and childcare is not normally a flexible expense particularly when you rely on it for one parent to work.

Did you have the same childcare costs when you first applied?

Is your current lender an option, would it give you a good deal?
If yes, choosing another mortgage product with the same lender will save you legal fees (they already have a lien on your property) and would probably be easier: some/many lenders do not reunderwrite you from scratch, as long as you have been current on your payments.

Of course you have to read all the fine prints in detail: if they ask you whether your circumstances have changed (not all do) and you lie, that's mortgage fraud.

Halifax didn't change their amount they offered us when we declared childcare vouchers. We initially missed them off the application and when we added it they didn't care.