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    • proffk
    • By proffk 15th Jun 17, 6:38 PM
    • 10Posts
    • 1Thanks
    proffk
    Advice Needed Applying For Mortgage
    • #1
    • 15th Jun 17, 6:38 PM
    Advice Needed Applying For Mortgage 15th Jun 17 at 6:38 PM
    I am now looking to apply for a mortgage but not sure if my outgoings will affect me. I am looking to apply with nationwide for a AIP as they accept Tax credits as income. I get Tax credits weekly of £200 which I always withdraw regularly weekly for normal living costs. Do I need to provide this information on my mortgage application. Will this affect any affordability.
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    • Lilla D
    • By Lilla D 15th Jun 17, 11:52 PM
    • 269 Posts
    • 130 Thanks
    Lilla D
    • #2
    • 15th Jun 17, 11:52 PM
    • #2
    • 15th Jun 17, 11:52 PM
    I assume that you have some earned income, but due to its low level, you also get tax credit. Tax credit is a form of income, it doesn't matter whether you use your earned income or the tax credit to pay for normal daily living costs.

    Your income and outgoings will influence your affordability - along with other factors (age, dependants, etc.). You will have to disclose everything and prove everything with documents (e.g. with payslips and benefit award letter) and the lender will also go through your bank statements.

    When you are so unaware of the process and the details, you're practically chancing the mortgage by going direct to the lender. You'd be better off getting a broker to help you, but of course it's your call...
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • proffk
    • By proffk 16th Jun 17, 7:12 PM
    • 10 Posts
    • 1 Thanks
    proffk
    • #3
    • 16th Jun 17, 7:12 PM
    • #3
    • 16th Jun 17, 7:12 PM
    Thanks for the reply i have decided to go to a broker instead and let them do all paper work. my regular commited outgoings show on my bank statements but i do have children and living costs so that is where i use the tax credits so was just worried as this is a regular withdrawal each week of £200. I can definitely afford mortgage repayments and have no late or defaults on crediylt file.
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