Hi Anna, thanks for your reply. We are currently renting but we don’t receive any benefits apart from family allowance, so it wouldn’t make any difference really. The house we are currently living in is on the market, which is why we need to move. My husband is a builder and working on our own property is something we have both have wanted to do for a long time.
I’m surprised that we’ve been refused because we thought we’d easily be able to repay the loan within 25 years. The family allowance we receive is not included in the 20,000 by the way, because the banks don’t recognise it as part of our income even if we do! And we don’t have any other debts.
The reason I mention the kids is because the second time MAIF requested more info, they specifically wanted to know how many there were and their ages: I suspect part of the formula may be whether we are able to put money aside for their future.
It seems such a small amount of money for a home, I’m just disappointed more than anything!