In a large bowl, whisk together the all-purpose flour, custard powder, granulated sugar, baking powder, and baking soda. Make sure there are no lumps.
In a separate bowl, lightly beat the large eggs. Then add the whole milk, evaporated milk, and melted unsalted butter, whisking until well combined.
Pour the wet ingredients into the dry ingredients. Whisk until just combined. Do not overmix; a few small lumps are acceptable.
Cover the batter and let it rest at room temperature for at least 15-20 minutes. This allows the gluten to relax and the leavening agents to activate.
Preheat your waffle maker to medium-high heat. Lightly grease the plates with a little butter or cooking spray if not non-stick.
Pour about 1/2 to 3/4 cup of batter onto the hot waffle maker, spreading it evenly. Close the lid and cook for about 3-5 minutes, or until golden brown and crispy.
Carefully remove the waffle from the machine. While it's still hot, spread a layer of peanut butter, then drizzle with condensed milk and sprinkle with granulated sugar.
Fold the waffle in half and serve immediately. Repeat with the remaining batter.
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