How can you only just qualify for 15? And separately, do you not qualify for 30 because your wife works?
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
I can't see many customers for such a deal?
Apparently these sort of mortgage are far more common elsewhere (like the US) but based on past figures that interest rate will be appallingly bad value over the life of the mortgage.
Makes me really glad the wife and I sucked up the circa £1,000 early redemption charge to re mortgage early and fix in a 10 year term at 1.79% early last year
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Deleted User 298457
Deleted User 298457
Every child gets 15 at age 3 no matter what. They've brought it forward next year to 1 or 2 iirc. I don't qualify for the extra 15
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I believe it's for 9 month and over from next Sep.
You can, but my point is that's quite a big sacrifice to throw away a career to go and do shift work (in cases where their career doesn't offer it), and the preference may be to remain in the career and foot the big childcare bill because it's more than offset by the earnings on offer. In other words the increased income from not doing shift work may be significantly higher than the cost of childcare (obviously - I mean most people would probably choose to just stay at home with the kids rather than break even or just make a small net gain from working).
In summary, can you go without childcare? Yes. In some situations is it [financially / career aspirationally] preferable to pay for childcare? Also yes. I do appreciate your post was about needing to make sacrifices but in my mind it's scale where some sacrifices aren't worth it.
Not sure what planet they are on. Must be very high LTV? I can get 5.5% on 2 year fix at the moment. I suspect it will be below 5% when I need to renew next year if the prediction of the peak base rate hitting either already or by the end of the year is true.
If the child is 2, there are certain criteria that have to be met. It could be they are close to threshold where they'd stop receiving a benefit for example. At the moment, it's only 3-4 year olds that get universal 15hrs free childcare with no stipulations.
Yeah so my question is if every child gets 15 no matter what, how is it you only just qualify? Always paranoid I'm missing something about the way it all works.
To be clear, from gov.uk
From April 2024, working parents of two-year-olds will be able to access 15 hours of free childcare.
From September 2024, 15 hours of free childcare will be extended down to the age of nine months for working parents.
From September 2025, working parents of children aged nine months and upwards will be entitled to 30 hours free childcare per week right up to their child starting school.
I saw some local mortgage advisor hawking a 100% mortgage on a local social media page. Might be along those lines.
That's all in the future, the current situation is this:
In order to be eligible for free childcare for your two-year-old, you must either be in receipt of a qualifying benefit or your 2-year-old child must fit into one of the categories of children who have additional needs.
The qualifying benefits are:
- Income Support
- income-based Jobseeker’s Allowance (JSA)
- income-related Employment and Support Allowance (ESA)
- Universal Credit – if you and your partner are on a low income from work (this usually means a combined income no more than £15,400 a year after tax)
- Child Tax Credit and your family have an annual income of no more than £16,190 before tax
- the guaranteed element of State Pension Credit
- support through part 6 of the Immigration and Asylum Act
- the Working Tax Credit 4-week run on (the payment you get when you stop qualifying for Working Tax Credit)
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Difficult conversations aren't they, discussing trying to bring more income into the house. The onus often turn to the main bread winner bettering the financial position, by constantly striving to climb the ladder of earnings. That pressure can get to you after 20 odd years where despite working very hard, still the cost of living demands more and more of you. Your earnings reach a plateau where to get more, you have to give up a lot in terms of work life balance to skill up/train, or go into management, or take more risks going contracting etc.
Deleted User 298457
Deleted User 298457
I answered already - she was only entitled when she turned 3 year old starting at the first school term i.e. September bill it was applied. There is another 15 hours free if you meet the criteria. And you can get £2k top-up. The law is changing next year so she would be entitled 9 months on.
So if you are eligible, you could get 30 hours + 2k IIRC.
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Permabanned
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wow child care what a thing .. my wife used to stay at home .. i worked 50+ hrs a week had enough left over for a jam sandwich at the end of the month ..
Soldato
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The problem with the all in one basket approach, "man" goes and earns more and fixates on that position is what if something goes wrong. Business fails, gets made redundant etc
Suddenly you go from one supporting all income to none.
If both carry on working, maybe both end up behind their potential career due to family pressures.
If something happens to one of them, at least the other still has income.
You can if you need to pull out of nursery etc to reduce bills.
Having been and seen the nursery vs home schooling side, I am pretty convinced that nursery is better for all but the most effective parents in regards the pre school education.
When we talked to schools their main issues in regards being ready for school came from those who hadn't been to nursery.
I think this was partly behind even the stay at home parents getting their kids into nursery part time, that they got some pre shool education, routine, regiment etc
Suddenly you go from one supporting all income to none.
If both carry on working, maybe both end up behind their potential career due to family pressures.
If something happens to one of them, at least the other still has income.
You can if you need to pull out of nursery etc to reduce bills.
Having been and seen the nursery vs home schooling side, I am pretty convinced that nursery is better for all but the most effective parents in regards the pre school education.
When we talked to schools their main issues in regards being ready for school came from those who hadn't been to nursery.
I think this was partly behind even the stay at home parents getting their kids into nursery part time, that they got some pre shool education, routine, regiment etc
A lot of employers spot that as a weakness as well.
Often those that always work hard, graft and show interest in progression are ignored. It's because they knew you'll "keep chasing that carrot" so why change anything by giving you what you want.
Depends on the employer obviously, but I think the larger the company the more it's true.
Genuine lol at t'pit!
Only had a mortgage for the last 8 years or so and currently on a 5yr Fixed from last June at 2.09% with Natwest. (Lucky eh!)
For the first time in those 8 years, my bank (lloyds) has called me twice in the last week trying to sell me a remortgage. Think they've got quotas to hit...
For the first time in those 8 years, my bank (lloyds) has called me twice in the last week trying to sell me a remortgage. Think they've got quotas to hit...
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Caporegime
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My reply was mainly aimed at mothers who stay at home. Not mothers with careers.
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