Mortgages and tax credits.

bunnyboiler1

Does anyone know if any lender takes working tax credits as part of an income??

opinions4u

Some do. Some don't. Probably worth seeing a reputable whole of market mortgage adviser to save time shopping round.

Here's a link to another post on the subject.

Answer me this: If HM Government decided to scrap tax credits, or reduce their value, how would you afford to make the mortgage payments?

The nation's finances are in a mess and one way to improve them is to dish out less in benefits and tax credits.

Mrs_Bumble

How old are the children?

bunnyboiler1

sorry i didn't know there was another thread. thanks for the link

If tax credits stop then fnding the mortgage payments would be harder, but then to be honest, paying all my bills would be a terrible struggle without tax credits help.

My daughter is 8. obviously in 10 years tax credits for me will stop, but then i'll be able to work more hours. But the mortgage companies wont know that so i think my chances of being accepted are looking slimer.

I'm seeing a financial advisor on Wednesday. the last thing i want is to get myself in to financial trouble, but at the same time i want some stability for me and my daughter.

(sorry this is a bit of a rambling post!)

benjo

opinions4u wrote: »

Some do. Some don't. Probably worth seeing a reputable whole of market mortgage adviser to save time shopping round.

Here's a link to another post on the subject.

Answer me this: If HM Government decided to scrap tax credits, or reduce their value, how would you afford to make the mortgage payments?

The nation's finances are in a mess and one way to improve them is to dish out less in benefits and tax credits.

Good point, well made by opinions4u - however I would be more concerned with how you would pay a mortgage when you have to repay the overpayments that will surely happen eventually.

Sorry, I had to have a dig at the tax credit overpayment situation - but seriously, if you are going to rely on tax credits to pay your mortgage or part thereof I would strongly suggest you check your tax credits to make sure they are correct, then when you have checked them go to CAB and get them to check them, then employ an accountant to check them, then and only then can you be 'fairly' certain that you wont be requested to pay them back some 5 years down the line.

But yes there are some lenders who will take tax credits into consideration sometimes at a rate of 50%.