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Any help greatly appreciated!!!!
riapr
Posts: 14 Forumite
I'm trying to get a buy to let mortgage and I am told that I need a minimum income of £25000. Although my income is at £25000 the majority of it is in tax credits. My question is is do tax credits class as income when applying for a mortgage?
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I think that they are being very unreasonable .....
Why not go to another bank and ask to buy 2 BTL's ???0 -
Income = what you earn, ie. what an employer pays you
If you find a bank doing BTL mortgages, buy the bank!0 -
There are other buy to let lenders who won't require as much as that in income. I'd suggest shop around, or speak to a broker.0
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Give the tax credits back. I can't believe my income tax is being wasted like this. Some people have no shameI'm trying to get a buy to let mortgage and I am told that I need a minimum income of £25000. Although my income is at £25000 the majority of it is in tax credits. My question is is do tax credits class as income when applying for a mortgage?0 -
Please tell me people don't get £20,000+ in tax credits.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Those that dish out tax credits tend to have a record of demanding it back.. HMRC has a link on how to repay here. I do not think this income stream is dependable. I suggest all recipients should consider banking this money in savings accounts to claim the interest but to retain the capital in order to pay it back
J_B. .0 -
20k on tax credits ? you are joking??? i hope not...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
.....*sigh*
I hate this country so much.
You earn more than me by not earning.Savings
£14,200 with £1100 M.I.A. presumed dead.0 -
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