complicated income, would i get a mortgage

kittycat69

, i own my house outright, my husband died, now looking to move. would need a 25% LTV. Have seen a new build which has not been released yet but as long as the price is right , its mine. but this is where it gets complicated.

I work part time, so have that income, plus a small private pension, and then bereavement allowance and child tax credit. does anybody know if any lenders would consider me or it is another case of ' computer says no'
thanks

holly_hobby

Firstly, I am so very sorry for your loss - its hard in any event to lose your parner, but when you also have children to consider and comfort, it is made doubly difficult (and I speak from experience) .. so hug to you xx

Not lets get some help for you .. there are lenders whom will consider your pension income and certain benefits - for example Haliax will consider your pension income, child tax credit and widowers parents allowance (which I presume you mean by bereavement allowance) - all subject to verification of course.

Of course Halifax aren't the only fish in the sea, and a whole of market broker will source the most suitable lender and product given your income and circs.

If you find yourself a bit tight on credit scores - a non- credit scoring lender such as Ipswich B Society may be an alternative. http://www.ibs.co.uk/mortgages. They accept nationwide direct business, but have geopraphical restrictions for intermediary busd, so you may have to go direct if your broker is out of their catchment area.

From a family side of things, perhaps also making sure that you have a valid will in place and directions re your children's care whilst they are dependants, would be a wise move too.

Hope this helps get the ball rolling ...

Holly x

kittycat69

thank you,

i had heard of Ipswich building society from reading other threads on here, bit of a lurker not a poster!

wills and child arrangements up to date, wish they had been when hubby died and with hindsight more life insurance in place!

thanks again.

holly_hobby

Pleasure Kitty,

... if you want any more guidance there are lots of friends on here willing to help when you need us ..

Wish you well ...

H x

Simon_gloster

All the income you get can be used with most lenders, however the CTC will only be used as a % of wha you actually get ie 60%.

If you split the income and what loan size you want someone will tell either yay or nay.

kittycat69

income details

i would need to borrow approx 40k

earnings are £6156 before pension contribution
pension £4957.
widowed parent £7125.
CTC £3816 (under review as only includes half a year for my son as staying on at school) so will be more

i also have car finance for £72 a month which i understand will come off earnings somehow!