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mortgage offer with inaccurate tax credits?
kneedeep
Posts: 2 Newbie
Hi,
My brain is melting with this, if someone could help i'd appreciate it.
We have an appointment tomorrow with the MA at halifax to finalise our mortgage application. Due to a long period of illness over 6 months from oct to mar, my self employed husband was late with his tax return. We had to employ a new agent because our old one was too busy and its taken until literally this week to get the books ready. We were claiming tax credits on an estimate but it has now transpired he earned £2000 more than we thought so we prob owe them about £800 which I have spare to give them straight away. The house we have bought is £20k cheaper than the original mortgage promise and we still have way above the income required for the £101k mortgage we are asking for if the actual tax credits award was up to date. We never thought for a minute it would take so long to organise the books when we made the offer on the house, the transfer to the new agent took an age!
Not only that but the award is done retrospectively so my income is not yet accounted for, the award is still up to date though since it doesn't get renewed until July.
With moving day only 4 weeks away, I am terrified that these discrepancies are going to be enough to send them running for the hills. A tax credits renewal can take up to 8 weeks, I really don't have the time to spare! I've been a halifax mortgage customer for 5 years, have an excellent credit rating and all other aspects are fine. Am I doomed? Any advice on how the process works and what will happen would really help! thanks in advance!
My brain is melting with this, if someone could help i'd appreciate it.
We have an appointment tomorrow with the MA at halifax to finalise our mortgage application. Due to a long period of illness over 6 months from oct to mar, my self employed husband was late with his tax return. We had to employ a new agent because our old one was too busy and its taken until literally this week to get the books ready. We were claiming tax credits on an estimate but it has now transpired he earned £2000 more than we thought so we prob owe them about £800 which I have spare to give them straight away. The house we have bought is £20k cheaper than the original mortgage promise and we still have way above the income required for the £101k mortgage we are asking for if the actual tax credits award was up to date. We never thought for a minute it would take so long to organise the books when we made the offer on the house, the transfer to the new agent took an age!
Not only that but the award is done retrospectively so my income is not yet accounted for, the award is still up to date though since it doesn't get renewed until July.
With moving day only 4 weeks away, I am terrified that these discrepancies are going to be enough to send them running for the hills. A tax credits renewal can take up to 8 weeks, I really don't have the time to spare! I've been a halifax mortgage customer for 5 years, have an excellent credit rating and all other aspects are fine. Am I doomed? Any advice on how the process works and what will happen would really help! thanks in advance!
0
Comments
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They don't need an award letter. Tax credits can be evidenced by bank statements. If you bank with them, this should not be an issue.
Otherwise, you'll be asked for statements for the receiving current account.
Four weeks from "moving-in day" and you're only just getting around to applying for a mortgage? Has all the legal work been done?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
hi, thanks for reply!
I do bank with them but she said to bring the statement too. I know it's so late in the day, we had no idea the accounts would take so long. Our old accountant was so slow we thought getting a new one would be better but she took so long transferring the info we would prob have been as well getting her to do it!
Luckily the solicitor is a family friend so hopefully he will manage to pull it all together assuming this little form doesn't put a spanner in the works!0 -
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