How much do we need to be on to get £140k mortage?

sugarpants_2

I think thats a horrid thing to say Retrobob

devilot

sugarpants wrote: »

Minibear
Thanks we do recieve tax credits (not alot mind) so useful to know. We were thinking of going to IFA rather than a bank? Cannot wait to see what ppl will give us. ~I know it wil be hard and may take over a year..But starting to see light at the end of a very dark tunnel (Been renting for 7 yrs!)

Our mortgage provider asked about Tax Credits, we probably couldn't have afforded it without - this was the Halifax, and we got our mortgage offer within 5 days of applying.

Best of luck.

Rowan1946

We had a joint income of 37k before my average O/T of about 3-5k was added,, got 145k from Lloyds

leveller2911

I think its bad practice to include WFT credits etc, for a start they can be cocked up (personal experience) they can go up and down.You should class WFT credits and child benefit as extras for rainy day, not included as "income" .

There will be trouble ahead in my view...........I for one would never include benefits as income to get a mortgage.........BIG ERROR.....:rolleyes:

If you do include them then your aiming too high.

I also think the same for OT too, it might not always be there.

leveller2911

joeraz wrote: »

We had a joint income of 37k before my average O/T of about 3-5k was added,, got 145k from Lloyds

wow £45,000 in unsecured debts and a £145k mortgage........... like living on the edge then?:rolleyes:

Sonofa

sugarpants wrote: »

I think thats a horrid thing to say Retrobob

I don't think Bob really meant it in a nasty way, but then again he is retro, so he's allowed to say it.

devilot

leveller2911 wrote: »

I think its bad practice to include WFT credits etc, for a start they can be cocked up (personal experience) they can go up and down.You should class WFT credits and child benefit as extras for rainy day, not included as "income" .

There will be trouble ahead in my view...........I for one would never include benefits as income to get a mortgage.........BIG ERROR.....:rolleyes:

If you do include them then your aiming too high.

I also think the same for OT too, it might not always be there.

I agree with you mostly however our tax credits figure included a large amount for childcare which will always be paid, and we did include the childcare in our outgoing costs as well - it just meant that the ballpark figure they gave us on our AIP was higher than it would have been, but we didn't get the maximum mortgage we would have been allowed, as we didn't need it in the end.

Rowan1946

leveller2911 wrote: »

I think its bad practice to include WFT credits etc, for a start they can be cocked up (personal experience) they can go up and down.You should class WFT credits and child benefit as extras for rainy day, not included as "income" .

There will be trouble ahead in my view...........I for one would never include benefits as income to get a mortgage.........BIG ERROR.....:rolleyes:

If you do include them then your aiming too high.

I also think the same for OT too, it might not always be there.

You are too true, i was not depending on the O/T to pay the mortgage but it was needed to be added as without it we were coming up about 25k short on the max loan,, luckily i had about 4 months of major extra work, 25-30 hours per week extra which the bank took an average of,, and just after getting the mortgage the O/T dried up,, that was nearly 3 years ago,, still managing, just.

Rowan1946

leveller2911 wrote: »

wow £45,000 in unsecured debts and a £145k mortgage........... like living on the edge then?:rolleyes:

I will have to update that, think it has come down a little since then but yes,, slightly on the edge, well falling over slightly as had a major pay cut,, but then we did spend stupid amounts each week on shopping and takeaways,, now the belt is well tightened,, only meals out are mystery shops,,
Defo dealing with my debts,, last years holiday was a bit OTT,, almost £9k spent going to Florida,, want to go back but on a budget this time,, easy credit should not have been so easy.

leveller2911

joeraz wrote: »

I will have to update that, think it has come down a little since then but yes,, slightly on the edge, well falling over slightly as had a major pay cut,, but then we did spend stupid amounts each week on shopping and takeaways,, now the belt is well tightened,, only meals out are mystery shops,,
Defo dealing with my debts,, last years holiday was a bit OTT,, almost £9k spent going to Florida,, want to go back but on a budget this time,, easy credit should not have been so easy.

Good luck, at least your Not walking away from your debt like so many have.. Hope it works out for you..