Hi all
Take this scenario, person A will inherit a house, to keep house they will have to pay tax bill of 220,000, that seems just about doable for this individual however a problem is childcare costs, personal circumstance would be that person is in a relationship, unmarried with one child, childcare costs 900 per month which is split 50/50 between person A and partner.
Person A will be going for single mortgage application as house is just being left to Person A however will the bank assess this person as having 50% childcare cost as an outgoing or full 100% as it will make a big difference in what amount person A can get in mortgage and if they are assessed as having 100% childcare cost they will not be able to borrow enough to pay tax bill
Is there any way around above, any suggestions/thoughts
Thank you
Take this scenario, person A will inherit a house, to keep house they will have to pay tax bill of 220,000, that seems just about doable for this individual however a problem is childcare costs, personal circumstance would be that person is in a relationship, unmarried with one child, childcare costs 900 per month which is split 50/50 between person A and partner.
Person A will be going for single mortgage application as house is just being left to Person A however will the bank assess this person as having 50% childcare cost as an outgoing or full 100% as it will make a big difference in what amount person A can get in mortgage and if they are assessed as having 100% childcare cost they will not be able to borrow enough to pay tax bill
Is there any way around above, any suggestions/thoughts
Thank you