mortgage lenders that consider goverment benefits as income

thegemsta

im tryin to buy a small flat but im struggling to get a mortgage . I need a mortgage lender that takes my working tax credits and child tax credits into consideration as my income is only 13k per annum.
so far i have only found that halifax are the only lender that will take the benefits as an income.

does anyone else know of any mortgage lenders that consider the state benefits towards my total income

thanks

happybroker

just had an email from Nationwide to say they are now accepting these.

Try and get a recommendation for a good whole of market broker....it varies from lender to lender does this, some will use all, some part, some not at all.

Friends and family are usually the best place to start for a recommendation.
good luck.

thegemsta

hi i have tried tow whole market lenders one never told me and the other said that he could only find that halifax was the only one if anyone knows of any lenders that accept benefits please post them as i need the mortgage asap thanks for your help

ladymarmalade222

Hi

I found that Abbey accepted WTC and Child Tax Credit when I remortgaged.

Good Luck

happybroker

there are very few that don't accept them, some impose restrictions depending on the age of the kids, some will only use a percentage.

how much are you looking to borrow against what valuaton and is your credit history clear?

thegemsta

ive got a 50 k mortgage on my house just now i put a 25k deposit on my current home i paid £75k for it. im looking to buy a flat and keep my current mortgage . halifax can offer me a mortage fine but im looking at to find a mortgage for a flat for 20 k the buying price is £32 k so im putting a £12 k deposit on it. im trying to find one with as low fees as possible lookin to do the fglat up and hopefuly sell or my bro can live in it dont want a buy to let

happybroker

this is why you're being fobbed off.

lending to buy and refurb is scarce, buy to let, if the property is habitable is possible though it becomes regulated if family is going to move in. Loan amount is also an issue for some lenders. If the broker didn't charge you they would earn about £70 on this and it would involve the same amount of work (possibly more) than a 7 figure mortgage, possibly another issue??.

Sorry I can't be more positive.

thegemsta

thats the thing the mortgage lenders dont know that im buying it to do it up. im saying that my partner and i are spliting up and i dont want to sell my current flat as i have a 2 year old child and wouldnt see him on the street. my partner and i have agreed for her to make the mortage payment and i will contribute as well. so i want the 20k mortgage for myself thats the plan if anyone can help please do so would be appreciated

VIGILANT22

thegemsta wrote: »

thats the thing the mortgage lenders dont know that im buying it to do it up. im saying that my partner and i are spliting up and i dont want to sell my current flat as i have a 2 year old child and wouldnt see him on the street. my partner and i have agreed for her to make the mortage payment and i will contribute as well. so i want the 20k mortgage for myself thats the plan if anyone can help please do so would be appreciated

Help you to commit fraud you mean?....:T


and don't even bother posting anything abusive back....

_Andy_

VIGILANT22 wrote: »

Help you to commit fraud you mean?....:T


and don't even bother posting anything abusive back....

I'm sure a certain broker that posts on here will be along soon to condone it, along with a dodgy fast-track deal and a loan for the deposit

Annisele

To be fair to the OP, he might not realise that what he wants to do is fraudulent.

He might just think that he can mention in conversation that he's splitting up with his partner, everyone will take him at his word, and all will be fine. He might not realise that the lender will ask him some specific questions about his plans, and that he'll have to explicitly confirm that he's told the truth.

All decent brokers will run a mile from this one once they find out what the OP wants to do. If they agree to help the OP lie to the lender, the broker may find a) that the lender refuses to deal with him again b) the regulator fines him and bans him from working as a broker and c) he's got a criminal conviction. They won't risk that for £70!