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Mortgage Advisor & Director
Do mortgage lenders take child benefit into account?
Parents can claim Child Benefit for raising a child under 16 or under 20 if in education and training.
Paid every four weeks, all parents can claim child benefit, however, for those on incomes over £50,000, there is a tax implication.
When it comes to applying for a mortgage, the good news is that there are lenders that will account for child benefit and child tax credits, as well as other benefits, in their affordability calculation.
Your mortgage lender will want to see evidence that you receive child benefit, and they may limit the amount of income that comes from benefits in their calculation.
It's a good idea to seek advice from an experienced mortgage broker when it comes to applying for a mortgage on benefit income. This will boost your chances of approval as they'll know which are the best lenders to approach and can help to tailor your mortgage application accordingly.
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At Teito, we're a whole of market mortgage broker which means we have access to hundreds of lenders, including those that accept child benefit payments as part of their calculations. Get started now and we promise to make your mortgage journey as stress-free and straightforward as possible!
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