Mortgage affordability and age of children

[sweettooth23]

I have been declined by Nationwide today in a Decision in principal change of borrower application. I honestly thought it would all go through fine (buying ex out of house but I was only asking to take over entire mortgage in first instance). I was declined. It's mad as the mortgage payments are less than it would cost me to rent a one bed flat where I live. My oldest turns 17 soon and so I wondered if any mortgage experts knew what age your children need to be before they affect your affordability. I am guessing 18? I have a nearly 15 year old and a nearly 17 year old. Without being able to put the mortgage in my name I can't get divorced and given ex walked out just over 2 yrs ago I'll have CGT to think about soon.

Try a broker, do you get any benefits? Some banks accept universal credit. To my knowledge kids affect your claim at any age as you're responsible financially for someone. My 1 and 5 year old affect my affordability. Your 17 could potentially affected negatively if child benefit etc is due to stop. I'd try a broker. Some banks also accept child maintenance if can evidence its been paid via bank statements for 6 months +.

I’d also try a broker - for example we had a broker for ours , initially the decision in principal was coming in short (ie declined), he did some tweaking and it was fine for another bank.
we were declined I think by Halifax but accepted and have a mortgage with NatWest now! Brokers tend to be free, they make their money off the mortgage compang

Even over 18 if they still live there and either are not working or not earning much (perfectly reasonable for an 18 year old) they will be seen as a financial dependent. It's the same with an adult SAHP. The lender is looking at how many people your salary has to support.
I agree with using a broker, London and county have been very good for us and free.

Actually, even if they still go to uni, they'll still be dependent to the tune of £6k/year according to MSE. Do lenders also take kids at uni into account 🧐.

I’d also recommend getting a broker - I had a similar problem when I bought my ex out but my kids were still little, the broker still managed to track down a lender for me

@sweettooth23 did you speak to them in person?
Ask to have child maintenance and benefits taken into account.
Have you been paying the mortgage yourself for the last 2 years? Can you show a track record of affording it?
My application to take over the the mortgage went to the underwriter but did gain approval.
That was HSBC.
Are you full time or part time?
Can you explain how you'll improve your income when benefits/maintenance drop?
I'd persevere and try again with as much back-up info, and try other banks too.

Yes I went through a decision in principle on the phone today and they only offered me 75% of what I would need. I receive child benefit but no other benefits at all. Work full time with what I thought was a fairly decent salary. I've been with Nationwide for 20 yrs and currently on a v low fixed rate for another nearly 3 yrs which I planned to keep. A broker won't get me anywhere near that rate and I'd have early redemption payment as well. I really do anything to increase salary as I love my job and have been in it 25 years. Earn around £50k and mortgage would be £1200 pm so really not so much.

House4DS I meant to add that I've been paying half of the mortgage for the last 2 yrs but all bills/house insurance/council tax etc.

@sweettooth23 that is a decent salary!
I'm just thinking of everything that was suggested to me to make it possible.

Do you get child maintenance or are the kids 50/50?

CGT - is that because ex has bought a house? Surely that is him owning 2 houses, not you?

Back to paying the mortgage - have you been saving the equivalent of the other half of the payments to prove you have enough funds?
Or could you pay in full for the next 6 months to prove this? Nationwide certainly gave this option to a friend recently.
Or extend the mortgage term?

Did they give you any other suggestions?
A parent that can go on the mortgage with you, or could lend some cash?

I'd go back to them and ask for solutions.