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Child benefit cuts could stop you getting a better mortgage

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Receiving less child benefit could affect lenders' assessments of 'affordability' and the amount you can borrow.

 

Thousands of families are to lose their child benefit payments next month. But this won't just hit the household budget, it could also have a direct effect on their ability to remortgage or move home – because most banks and building societies now factor in such payments when calculating how much you can borrow. This could leave some families in the unenviable position of being stranded on their current deal and unable to remortgage to take advantage of the cheaper home loans that are now flooding the market.

 

In recent years banks have tightened their lending criteria, and this, combined with falling house prices, has created a wave of "mortgage prisoners" – people who technically can't "afford" their current home loan because they no longer meet their bank's lending criteria, even though they are still making their mortgage repayments. This can make it difficult to switch to a new lender or move home, which can be a problem for those looking to move up the housing ladder as their families expand. It is feared that the forthcoming changes to child benefit could push many more into this position.

 

Link: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9746435/Child-benefit-cuts-could-stop-you-getting-a-better-mortgage.html


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