Mortgage & tax credits!

mad__money_2

I posted yesterday about changing our mortgage deal in October, however due to my husband's low paid job they cannot add any additional borrowings to the balance.

I am so disheartened now, we get tax credits, are there any companies who may take this into consideration as income because the amount is considerable (£800+ every 4 weeks).

Thanks!

Mrs_Bumble

How old are the children?

one-non-blonde

Halifax do. Best to speak to a financial advisor though.

mad__money_2

almost 5, 3 & 1.

Mrs_Bumble

Some lenders will take this into account, see about speaking to an independent mortgage broker in your area as they will be able to fit your circumstances with the most appropriate lender etc.

katelu

The halifax have taken my tax credits into consideration. HTH's

SuzieMum

HSBC definitely do! good luck

happybroker

Most consider tax credits but some not 100% of the income they generate.

Speak to a good whole of market advisor and you should get an idea of who does and who doesn't.

emma2009_2

we have just applied for a mortgage with natwest and they accept tax credits and child benefit as income. they will want to see 3 bank statements to prove that the tax credits are going into your bank account. good luck

PayDay

Child Tax Credits are benefits for some children. What are you going to do if the government decides to make changes (as they are aiming to do with other benefits) to ensure the children get this money spent on them?

benjo

Before you commit to using tax credits to pay any part of your mortgage, I would suggest you make absolutely, positively certain that you are not being overpayed by the Tax Credit office.

Then when you are absolutely certain make an appointment at the CAB and ask them to make absolutely, positively certain that you are not being overpayed.

Then when they are absolutely certain, go see an accountant and ask them to make absolutely, positively certain that you are not being overpayed.

Dont what ever you do ask the Tax Credit office if they are overpaying you - since they will have no clue and wouldnt tell you if they did! (A little tongue in cheek)

My reason for this advice is that thousands upon thousands of people are and have been overpayed since day one of the system implementation, sometimes by many thousands of pounds and the Tax Credit office aim to reclaim 100% of overpayments even if they were made many years ago - it is hard enough relying on tax credits to meet your mortgage payments, imagine how hard it would be paying your mortgage and repaying your tax credits at the same time.

Goodluck.