Will I get a mortgage?

foxyd3vil12

Work part time, tax credits bump up my income and I am currently renting.

Would I get a mortgage that will take into account my tax credits? spoke to a financial advisor who said I had no chance

Will i get a mortgage?

beecher2

You don't say how much of a deposit you have, how much your income is and what house price you're looking at. I wouldn't rely on tax credits since who knows what'll happen to them in the future - have no idea if any lenders accept them.

edit: you need to look at your credit file too

foxyd3vil12

bumping this thread! please any help appreciated!

herbiesjp

What is you annual part time income (gross figures)?
What are your tax credits?

What house prices are you looking at?
What deposit do you have?
How many children do you have?

Have you had any credit problems in the past?
Do you have any other debts?

foxyd3vil12

herbiesjp wrote: »

What is you annual part time income (gross figures)?
What are your tax credits?

What house prices are you looking at?
What deposit do you have?
How many children do you have?

Have you had any credit problems in the past?
Do you have any other debts?

part time wage and tax credits = £13,000
house price - £40k to £50k
deposit - £5k
one child aged 5

no missed payments, no ccj's,
credit card debt of £600

goggle

If that £13K is actual, not the salary you would get if you are full time but actually you only get it pro-rated, then you shouldn't have a problem.
Most lenders will lend 3x income (£39K) easily and will generally go a little higher.
You will need a little more savings to cover costs (solicitors, mortgage arrnagement, moving etc) but for a £40-50K property I think it's def doable! Worth having an initial chat with a lender ...

foxyd3vil12

the £13k is my annual income and tax credits put together. not a pro-rated wage, sorry

beecher2

How much is income and how much is tax credits?

foxyd3vil12

p/t income - £5.5k
tax credits - £7.5k

only helpful comments please.

goggle

I think you need to talk to an independant mortgage adviser - some lenders will take Working tax credits into account.

Raggs_2

I suspect with the potential cuts incoming it may be harder to find a lender that will work with tax credits until they know what's going on with them...