Lenders that take WTC & CB into consideration?

Alleigh

Hi all, new to the site but thought this would be a good place to start my research..

Partner and i bought a property in july 2010. September 2011 we split and he moved out.
i can afford (and am already paying for) all the mortgage and bills and managing to survive.
i have money in savings to buy my ex out of his deposit however before i can do this i need to secure the property in my name.
the current lenders Santander have declined to accept me as sole name on the mortgage and they'll only take my wage into account, however i have working tax credits and child benefit payments to add to my imcome which would boost it up to £20k annual income.
Timesing this by 5 will give me £100k which i what i need against a house valued at £150k,

the question is, who are the lenders that will take this extra income into account? i appreciate these payments wont last the full term of the loan but certainly will cover the next 11 years at the very least.

HappyMJ

Alleigh wrote: »

Hi all, new to the site but thought this would be a good place to start my research..

Partner and i bought a property in july 2010. September 2011 we split and he moved out.
i can afford (and am already paying for) all the mortgage and bills and managing to survive.
i have money in savings to buy my ex out of his deposit however before i can do this i need to secure the property in my name.
the current lenders Santander have declined to accept me as sole name on the mortgage and they'll only take my wage into account, however i have working tax credits and child benefit payments to add to my imcome which would boost it up to £20k annual income.
Timesing this by 5 will give me £100k which i what i need against a house valued at £150k,

the question is, who are the lenders that will take this extra income into account? i appreciate these payments wont last the full term of the loan but certainly will cover the next 11 years at the very least.

Yes there are lenders who will take it into account and also include child tax credits and child support payments as well including Santander. However on £20,000 total income they will lend up to £76,000.

kingstreet

5x income including your tax credits and child benefit?

I'm not sure anyone will go that far. Halifax will take these into account and will do 5x income, however, you're likely to be offered less because you have dependents.

Try their affordability calculator here;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

Try changing the credit score guess from c, to b, to a to see the impact this might have if you apply.

Alleigh

thanks for your input.
it seems rediculous that im already affording this by myself & paying more than i should be as well as a small over payment each month, yet on paper i wont be allowed to be sole name on the mortgage that has 33% equity.
im paying £525 (should be £475) a month for a 3 bed house, if i end up selling i'll be paying more like £700 a month for a smaller home that isnt even mine.
SO FRUSTRATING

kingstreet

Many borrowers who took out a mortgage a few years ago would now be unsuccessful in obtaining those mortgages as lenders are anxious to avoid the tag of irresponsible lending.

Horse, stable door etc.