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Tax credits - can they count
birmanza
Posts: 32 Forumite
Hi,
when a mortgage company works out how much money you can borrow, apart from your earnings, will they take into consideration working tax credit or child tax credit? Or even child benefit for that matter?
when a mortgage company works out how much money you can borrow, apart from your earnings, will they take into consideration working tax credit or child tax credit? Or even child benefit for that matter?
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Comments
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If you need that much differance id say you were over streaching yourself.If it doesnt pay rent sell it.
Mortgage - £2,000
Updated - November 20120 -
It's very complicated but we wouldnt be overstretched, just need to know that's all!0
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No because it is not guaranteed income.
The Government of the day could change the system at any time.0 -
Some companies do indeed take these into accountI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Abbey took it into account a few months ago when I was thinking of additional lending. Now selling house (long story!) and spoken to a mortgage broker who confirmed that some companies take both tax credits and child benefit into account.0
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You are possibly best saving your tax credits rather than spending them. A report made by the Parliamentry Accounts Committee reveals continuing futher overpayment errors according to the BBC :-
http://news.bbc.co.uk/1/hi/business/4939186.stm
J_B.0
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