tax credits and mortgages

dannyboy11

hi, does anybody know which benefits if any count as income for getting a mortgage, we currently recieve disability living allowance, carers allowance, tax credits and child benefit, thanks.

JustKeepSwimming_2

I was told by my mortgage adviser that a few lenders would consider child benefit & child tax credits (don't know about others as I don't claim them) but that their interest rates would be higher than "normal" lenders. This was about 6-9 months ago.

I didn't move house in the end so didn't get very far with the process, but I imagine someone else with more information will be along soon....

dannyboy11

thanks for that, all info welcome

benjo

yes there are lenders who will consider the benefits you mention, generally they dont take them at 100% of their value and it will depend very much on any other sources of income and more importantly the size of your deposit.

dannyboy11

ok thanks, seems daft that most lenders don't when they are probably a more reliable income than most jobs provide.

needsomehelpplease_2

Hi, I've spoken to a mortgage advisor recentley and she was more than happy to take my tax credits and child benefit as guaranteed income! Abbey came out best for us, good luck.

emmalita

Abbey,Halifax,Natwest,Rbs to name a few.Im going with Halifax and they dont accept DLA or Carers neither do Natwest.

Caz3121

I guess some don't accept them as although they are an income, they will stop at some point so not sure if it matters. you could have tax credits and child benefit for a 16 and 17 year old yet 2 years later you could have nothing (guess it is like losing a salary)

dannyboy11

thanks everyone, thats helped alot, thought all the big companies would'nt of really but there you go, thanks again.

Mrs_Bumble

How old are the children? Is the DLA and carers allowance for a child and is it reviewed every few years?

dannyboy11

children are 3, 5 and 14. my 5 year old is disabled and gets d.l.a. and my wife gets the carers allowance, gets reviewed about every 3 years i think, but he's got a severe learning disability unfortunately so won't ever be stopped really.