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Tax credits and mortgage applications....
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Tara100
Posts: 258 Forumite
Hello
I've read on here (though the posts are quite old) that tax credits can be counted along with normal earnings when applying for a mortgage.
I was also told that Halifax definitely do this, so I went into my local branch and popped the question. I was supposed to be telephoned last Monday with a response to my query, but that hasn't happened
So my question for you kind folks is, which lenders presently allow tax credits as income, and what percentage of the TC's are generally allowed? A rough guide will do for now thanks!
Tara
I've read on here (though the posts are quite old) that tax credits can be counted along with normal earnings when applying for a mortgage.
I was also told that Halifax definitely do this, so I went into my local branch and popped the question. I was supposed to be telephoned last Monday with a response to my query, but that hasn't happened
So my question for you kind folks is, which lenders presently allow tax credits as income, and what percentage of the TC's are generally allowed? A rough guide will do for now thanks!
Tara
All you need is love (and chocolate)
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Comments
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Britannia told me they would have taken them into account had my claim been finalised and if I'd had a way to prove I was receiving them.0
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Hello
I've read on here (though the posts are quite old) that tax credits can be counted along with normal earnings when applying for a mortgage.
I was also told that Halifax definitely do this, so I went into my local branch and popped the question. I was supposed to be telephoned last Monday with a response to my query, but that hasn't happened
So my question for you kind folks is, which lenders presently allow tax credits as income, and what percentage of the TC's are generally allowed? A rough guide will do for now thanks!
Tara
No such thing as a rough guide. All lenders treat it differently.I 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 -
Person_one wrote: »Britannia told me they would have taken them into account had my claim been finalised and if I'd had a way to prove I was receiving them.
Hello and thanks for the reply
Did they say what percentage of TC's they allow?All you need is love (and chocolate)0 -
While tax credits may be taken into account in reflecting your income. The affordability of the mortgage after taking into account the number of chidren you have , the cost of childcare etc will be deducted from it.
Each lender will calculate accodring to their own criteria.0 -
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Nationwide took all my TC as part of my income.0
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Nationwide took all my TC as part of my income.
I've just been onto the Nationwide site, and by using their online calculator widget, it seems I could be offered a lot more than I need (hopefully I would be accepted, and be able to borrow the lesser figure)
Many thanks again All you need is love (and chocolate)0
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