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Tax credits

alemapyr
alemapyr Posts: 1 Newbie
in Mortgages & endowments
Does anyone know which mortgage companies take working tax credit income into account when calculating the amount lenders can borrow?

Thanks

Comments

  • HelpWhereIcan
    HelpWhereIcan Posts: 1,343 Forumite
    Quite a few including Halifax & IF. Most lenders these days will take into account at least half of any Working Tax/Child Tax Credit so I would suggest you speak with a whole of market broker to see who matches your requirements.

    Hope this helps
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, 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.
  • fatblokexl
    fatblokexl Posts: 456 Forumite
    just remeber, do not count on your wtc always being there to help pay for it. if your circs change your award changes also.
    fatblokexl
    :EasterBun:
  • regularsaver1
    regularsaver1 Posts: 4,930 Forumite
    halifax do not take child tax - but do working tax
  • exil
    exil Posts: 1,194 Forumite
    Be careful. Government (this one or a succeeding one) could change or abolish tax credits.
  • HelpWhereIcan
    HelpWhereIcan Posts: 1,343 Forumite
    regularsaver1 wrote:
    halifax do not take child tax - but do working tax

    That used to be the case, but they will take 100% of both now - explained to me by their Business Development Manager as being because their affordability calculator makes a deduction for having children and they thought it more equitable to allow all of it and not double penalise people.
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, 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.
  • regularsaver1
    regularsaver1 Posts: 4,930 Forumite
    I work there in additional borrowing- and have never been able to take child - as its for the child
  • regularsaver1
    regularsaver1 Posts: 4,930 Forumite
    I wil check Monday
  • donna
    donna Posts: 165 Forumite
    I was in Halifax only 3 weeks ago and they take 100% of CTC & WTC, they even accept child benefit. :)

    This is a recent thing(she said)
  • regularsaver1
    regularsaver1 Posts: 4,930 Forumite
    i was not aware, but then i hardly see anyone who receives these
This discussion has been closed.
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