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ftb low income?
emmalita
Posts: 125 Forumite
Hi This is my first post,here goes...
I work part time and earn 5000 a year and have tax credits,child benefit of around 25000 a year.I have around £30000 deposit(20%) of desired house price.Do you think with these figures anyone will give me a mortgage considering most of my income is made up with other things rather than wages? Also I get my credit score from all 3 agencies,equifax,experian and callcredit and the scores range from 631 to 870 with 2 late payments although as we speak capital one are kindly removing one of these from my file due to a grovelling letter and im working on the other! Any advice would be greatly appreciated.
I work part time and earn 5000 a year and have tax credits,child benefit of around 25000 a year.I have around £30000 deposit(20%) of desired house price.Do you think with these figures anyone will give me a mortgage considering most of my income is made up with other things rather than wages? Also I get my credit score from all 3 agencies,equifax,experian and callcredit and the scores range from 631 to 870 with 2 late payments although as we speak capital one are kindly removing one of these from my file due to a grovelling letter and im working on the other! Any advice would be greatly appreciated.
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Comments
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Hi Emma, can you clarify the tax credits etc? do I read that right ? £25k in tax credits,child benefit etc??.....£30k deposit ?0
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yes £25000 made up of child/working tax and child benefit plus carers allowance and dla high rate although i havent taken that into account (for my son)0
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Its only my opinion but I wouldn't include any benefits towards a mortgage as they can go up and down,especially within the next few years given the economic climate.0
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I'm not sure whether tax credits come under a means tested benefit, but means tested benefits are not generally taken into account for income purposes by mortage lenders.
The dla is paid for your son, so that wouldn't be taken into account either.
Remember, mortgage lenders are very choosy who they lend to nowadays. They want to ensure that people are not overstretching themselves & have the income to support any loan, so don't build your hopes up.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
I thought Tax Credits took savings into account?
£30k is above any MT benefit threshold I've ever heard of, and TC's are a means tested benefit..
Northern Rock used to do mortgages for those on long term benefits, but I don't suppose they do now - best check with a broker.
Lin
You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.
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No wonder this country is fck'd!! You get £25K in benefits!!!!!!!!!!!!!!!0
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Tax Credits don't actually take savings into account, but they do take into account any other "income" over £300 per year and that includes interest on savings (but not interest earned on a ISA)
They will not take carer's allowance, or DLA or Child benefit into account. Some do take Tax Credits into account but possibly not when they are the main part of your income.
I was getting £60 per month tax credits, but these are reducing to around £40 from this month as my childcare costs have reduced. My wages are obviously a lot more than my tax credits. Yours is the other way around.0 -
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xsarahahax wrote: »me neither.. Its 7k more then i earn a year!!!! :mad:
same!!!!!!!!!!!!!!0
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