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WOOLWICH: What income is accepted for affordability
teddog2010
Posts: 2 Newbie
We have a mortgage with the Woolwich and want to move in the next two years to tie in with my eldest child beginning high school and need about £17000 extra.
Does anyone know what income sources the Woolwich allows on its affordability calculator as my borrowing needs are above my paid income. We receive disability living allowance for one child and my wife receives carers allowance. We also receive child tax credit which the Woolwich's online mortgage helpdesk say is taken at 100%, but the in-house mortgage advisor disagreed when I spoke to him on the phone and said it would all be sorted via underwriting.
Therefore im confused now!
Can anyone with mortgage advice experience tell me what % of each benefit is allowable? Thats all i really need to find out about for now.
Ta.
Does anyone know what income sources the Woolwich allows on its affordability calculator as my borrowing needs are above my paid income. We receive disability living allowance for one child and my wife receives carers allowance. We also receive child tax credit which the Woolwich's online mortgage helpdesk say is taken at 100%, but the in-house mortgage advisor disagreed when I spoke to him on the phone and said it would all be sorted via underwriting.
Therefore im confused now!
Can anyone with mortgage advice experience tell me what % of each benefit is allowable? Thats all i really need to find out about for now.
Ta.
0
Comments
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If your not moving for 2 years its irrelivant what they will accept now. Mortgage criteria changes so fast at the moment even if someone did answer its likely to be wrong by the time you move. You are better off making sure you are not tied to the Woolwich at the point you wish to move then you will be able to consider all lenders rather than risk being stuck at the whims of just oneI am a Mortgage Adviser
You 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
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