First time buyer, how much can we get if any

fullmoon_2

Thrugelmir wrote: »

What does auto renewable mean

It means its always been renewed after 3 months as some are working 2/3 years as 3 months fixed term contract.

fullmoon_2

leveller2911 wrote: »

As an example the OP for instance £22k income Tax credits £6k now if they were self employed and the following year their income rose to say £26k (not beyond the realms with self employed,good years and bad years) they would then have to pay nearly all of the Tax credits back due to an overpayment.

Sorry, could not clear it, I am employed full time, not self employed or contractor.

Simon_gloster

Fixef contracts should be fine, your issue is the length of timr. Generally 12 min continuous in the same role. Usually 18 months. You should not put you are perm employed as the lender may requedt a reference.

As for benefits, lenders will take them, not 100% of them though. Maybe 2/3rds.

Therefore I would say an income of circa £26k and £100K for you supporting 3 other people is irresponsible.

You should hover in the region of £70-80k.

princessdon

It is a LOT of money in benefits - but I guess if the govt allow it then OP can't be blamed

I don't see how mortgage lenders can see it as an income though - given the proposed changes and how tough they are being, but again if they do then ...

OP there are several proposals going through for CTC (again I know) and personally I'd be wary of basing any mortgage decsion on this FULL amount. Just my opinion though - if you get CA then I take it your OH working would be difficult (and you have my sympathies).

Thrugelmir

fullmoon wrote: »

It means its always been renewed after 3 months as some are working 2/3 years as 3 months fixed term contract.

One day it will end. That's why its a contract role. Possibly when you least expect it. With a 3 month term your employer is keeping their options open to your detriment.