FTB Low income?

emmalita

Hi have posted on the wrong forum so am starting again.I work part time earning£500 a month and roughly receive £25000 a year in working/child tax credits and child benefit plus another £ 2500 in carers and dla which im not counting as its for my son. Is there anyway of any lending giving me a mortgage considering most of my income does not come from paid work?
I have looked into shared ownership but nothing available in my area.
Does any body know(especially mortgage advisors) which lenders accept tax credits as i have read various things about this. Please dont be shocked at the amount I receive in tax credits this is because I have 2 disabled children,it seemed to cause a stir when i posted on another forum. I dont want to squandor the money i receive and thats why I want to buy.I have £30000 deposit am i wasting my time??????????????

herbiesjp

There are lenders that could look at this for you.

Different lenders take different amounts of the credits into account

Will also depend on the figures youa re looking at in terms of purchase price, mortgage etc.

Best to speak to a whole of market adviser

emmalita

have spoken to natwest and they take working/child tax credits and child benefit into account

herbiesjp

Are they offering you the best deal?

emmalita

they are telling me to find a property first then apply so its all down to the amount the property is worth regarding ltv to what rate they will offer,two houses have caught my interest 1, 3 bed £99950 2, 4 bed £139500 the first one has 2 offers already although the EA said its still available i dont know whether this means they have been refused or are they just hanging aroung waiting for the highest offer?

caracal_77

I'm sure that raising 2 disabled kids isn't easy. Sorry I can't help more as I'm not a mortgage adviser. Seems Natwest are willing to take you on.
Well done saving for a deposit.
Wish you and your family all the best.

herbiesjp

emmalita wrote: »

they are telling me to find a property first then apply so its all down to the amount the property is worth regarding ltv to what rate they will offer,two houses have caught my interest 1, 3 bed £99950 2, 4 bed £139500 the first one has 2 offers already although the EA said its still available i dont know whether this means they have been refused or are they just hanging aroung waiting for the highest offer?

You would really need to do this the otehr way around.

So rather than find a property first, you need to find out what knid of mortgage you can get first, i.e in terms of maximum mortgage amount, and rate available.

That way you can see how it will affect you in the pocket and hopefully get an agreement in principle to find out a lender will be happy to proceed with your application.

It would be a bit pointless spending time finding a property only to find out the lender will not give you the right amount of mortgage for it and/or the monthly mortgage payment would not be affordable

Rather than going direct to lenders I'd suggest speaking to a good whole of market adviser who will give you a bit more constructive advice than what Nat West have told you so far

ILW

emmalita wrote: »

and roughly receive £25000 a year in working/child tax credits and child benefit am i wasting my

Bloody hell.