Long term planning

mummytofour

Hi, I hope I can have some adice please :-)

Within 5 years or so I would like to either move or extend my house. My credit rating is shot at the mo and I am on a DMP. I hope that within 2 years ( much less if I have my way) I can clear all the debts and start to build up my rating again. I dont have any CCJs but do have defaults, not sure how many...

Ok, so supposing my credit rating is all nice and clear, do mortgage companies include the following when working out mortgages?

Child tax credits
My sons DLAm ( he is a child and its paid to me)
Carers allowance
Child benifit

Also will I penalized for having 5 children?

Many thanks.

Mrs_Bumble

Do you get an employed income as well?

Some lenders will take some of the benefits into account and some won't, but the lending criteria world could be a vastly different world in 5 years time.

The son that gets DLA at the moment, how old is he? I ask the question as my son qualified for DLA because of learning difficulties until he was 13 and then he was assessed by different criteria. So sometimes as they get older the goal post widen so to speak!

Affordability can deduct for how many dependents are in the house and some don't but again lending criteria could be vastly different.

Best plan is to work on improving the credit report, save a deposit, not easy with 5 children though. How old are they? I have 4 and that is tough enough

opinions4u

mummytofour wrote: »

Ok, so supposing my credit rating is all nice and clear, do mortgage companies include the following when working out mortgages?

Child tax credits
My sons DLAm ( he is a child and its paid to me)
Carers allowance
Child benifit

Varies from lender to lender. Could easily be different in 3 months, let alone 5 years. I couldn't really say much more than "see a broker nearer the time".

Also will I penalized for having 5 children?

Some lenders will lend slightly less in those circumstances, some wouldn't.

Have you not worked out what causes the children yet?

mummytofour

Yes, worked out what causes the children lol.
2 of my children have asd so I would hope that in five years at least one will being getting DLA as the little one will be 8, older one will be 13. Currently we have a mortgage and may have some money in the house in five years, depends on house prices I guess! I am a student at the mo,doing a professional degree in a sort after secter so I would like to hope that I will be on 30k in five years as a conserative esitame.

Dh may still be in uni then or maybe an international artist... or a carer lol. I know 5 in years a lot can happen, I am currenty 3 yrs in on my educational 5 yr plan lol.I think as suggested get the credit file sorted and save save save.