mortgage advice needed for complicated income

pollijc2268

My husband and I are currently in rent and would like to buy a place of our own. We have 30k to use as a deposit. We both work, I work roughly 16 hrs a week on minimum wage, my job is just seasonal though and will end in Oct. My husband is on a 10 hr contract at £6.15 per hr, though he works 16+ hrs he has done this job for 6 months now. He is also due to start another job on Mon this is on a 20hr contract starting at £7.50 rising to £8.00 after 3 months probation, the rest of our income is made up of tax credits at roughly £200 per wk. Is there a lender out there who would give us a mortgage based on all our income now or would we have to wait until my husbands probationary period is up with his new employer on the 20hr contract?

Thanks

Conrad

'If' the lender knows he's on a fixed term contract it's unlikely they will lend unless the track history is very stable with no gaps.

dimbo61

Yorkshire Building society will look at some of your Tax credits as income so give them a call

sciencegeek

maybe ive misunderstood something here but it seems that between you you earn £202 per week (16h x £5.80 =£92 + approx 18h x £6.15 = £110)

this is then topped up with tax credits (£200 a week you say) giving you a gross yearly income of around £21000

and this is for working half time!!

Now i understand that it is important that low paid workers are helped but to double someones income with credits when they only work half time seems rather unfair to me.

maybe you have not included some other info - are you caring for family etc? if not what are you both doing with the other half of your week? EDIT : just noticed you said that your husband was due to start another job - hopefully this is in addition to the existing job rather than instead of. this will improve your income markedly.

pollijc2268

My husband has 3 children (my step-children) that is what the tax credits are for.

Our current annual income is half of what we previously earned last year, like most of the country my OH got made redundant from his job of 20 years.

We had to sell our house at a loss.

So now were working bit part time jobs as thats all there is...trying to get back on the property ladder.

Yes my OH's new job is in addition to his current job, and that is what were trying to get advice on..could we get a mortgage now based on his current 10 hr contract and the tax credits or will we have to wait until his probationary period is past on his new job on a 20hr contract?