mortgage help please?

weesie81

herbiesjp wrote: »

SO you have £8640 per year in credits/benefits
Your OH has £16,200

However you need to deduct 12*£185 = £2220 from his income which leaves £13980

However you would need to find a lender that would accept 100% of the benefits/credits

A 100k mortgage @ 6% on an interest only basis would be £500 pm

WOuld that leave you with enough to live?

Having said that You will not get a £100k mortgage and I think you would really need to look at your affordability here.

realistically what do you think the max is we could borrow then? bearing in mind private rent is not far of the 500 per month you mentioned before?

thanks louise x

Hillfly

If you are keen to buy something but can't afford something of suitable size in your area had you considered continuing to rent and seeing if you could perhaps buy a smaller property that you could rent out maybe ina cheaper area?
Only downside would be you probably wont get anything like 100% mortgage. However i know people who have taken out a personal loan to get the remainder although i think this is too risky.
It would give you a foot on the property ladder if that's what you want.

The_Eternal_Optimist_2

Weesie - just an idea so dont take offence

Have you thought about being a registered childminder whilst your children are at home? I have friends who did that and made a bit of extra cash

Good luck with the baby

weesie81

hi don't worry no offence taken

without going into too much detail its not really an option i could consider just now

louise xx

weesie81

[QUOTE

However you would need to find a lender that would accept 100% of the benefits/credits

A 100k mortgage @ 6% on an interest only basis would be £500 pm

WOuld that leave you with enough to live?

Having said that You will not get a £100k mortgage and I think you would really need to look at your affordability here.[/QUOTE]

does aanyone know lenders who accepts 100% tax credits?

what do you think the absolute max we could borrow is?

thanks again louise xx

herbiesjp

You may be able to get around £70k, but that is a stab in the dark

The maximum available will depend on so many factors i.e affordability, children, debts , credit history and credit score, so no one will be able to give you an exact gigure

The best bet is for you to discuss your situation with a whole of market adviser - if fees free all the better for you

HTH

The_Eternal_Optimist_2

Accord mortgages and Alliance and Leicester take tax credits, but I think you should really take a bit of advice from a professional, hopefully the will be able to spot ways to save you money in other ways too...