Mortgage likely?

PM1CAS

Hi everyone,
I own 60% of current home and want to move when I get money from Turkish property sale. Divorced since 2010.

My 60% would be roughly 81k
My Turkish 50% would be 25k maybe more due to interest as Turkish court has ruled original 50k must be repaid as we were conned.

A property around here, South east would be 220k, 3 bed, myself and daughter 10 and son 8.

I earn 10k
Child maintenance, child benefit, Ctc, wtc is 15k.
Therefore would need a mortgage of 112k.

What are the chances of that? Which banks would lend when income is made up of cm, cb, Ctc and wtc? Please advise!

Wh05apk

Sorry but on a total income of £15k a mortgage of £112k (7x) would be a non starter.

kingstreet

Is that £10k basic salary + £15k in other income, making £25k total?

If so, how much is working tax credit and how much are the other items, maintenance, child benefit, child tax credits?

Some lenders will take into account these add-ons, but in varying degrees.

Do you have any credit commitments, such as loans, credit cards, HP etc, if so, how much do you owe and pay each month?

PM1CAS

It's 10.5k salary
1752 child benefit
8400 child maintenance
7436 wtc and Ctc after childcare paid

So, total income 28,088.

My equity 81k
Turkish property 25k at least.

Thank you!

PM1CAS

...and no debts or commitments other than £50 a week childcare which I have deducted.

Dave_Ham

Then yes with a broker on board, this should be achievable.

Assume you have been resident in this country (not Turkey) for credit scoring purposes and may make sense to get your Experian and Equifax files before engaging a broker.

All the best