FTB in need of advice

jojaca

Do i have any chance of a mortgage with 12k saved (I am also holding about 6/7k worth of shares which could bring total to about 18k+).

My take home pay every 4 weeks is only £1,100 a month, but i do recieve working tax/child tax with three young children. So my total income coming in at the moment is roughly £2,000 a month.

The price range of houses i am looking at is £80K and under. I am fed up now of handing over £360 rent a month to the council. So I would be grateful for any advice.

kingstreet

Please set out your gross annual income, tax credits and child benefit.

Then confirm the monthly payments for any loans and your credit card balances. How long will these things last?

If single, do you receive any maintenance for the children? If so, it is CSA or court enforced?

jojaca

I am still with my partner and my gross annual income this year is roughly about 27K (which include child and working tax credits and my wage). My wife has also been working part-time this year, but have excluded her earnings because she has recently lost her job.

I have no loan debts and never had a credit card (not sure whether not having credit card is bad for credit rating). I am just paying your regular household bills.

kingstreet

I suggest you enter your data into a lender's online affordability calculator to see what the maximum mortgage might be.

You will need to itemise your gross annual income, tax credits, child benefit etc. to get an accurate figure. You cannot simply lump them together as lenders take 100% of basic, 50% of tax credits etc.

Here are the Halifax and Nationwide calculators as an example;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

http://www.nationwide-intermediary.co.uk/calculators/aff_calc