Help I do not know what to do :/

spoonynick

Hello, me and my partner are living with our parents and at moment we have our lovely little boy aged 2 months old


However we do want a mortgage one day but I am the only one working full time 40 hours and I only earn 13,000 a year after tax, plus 4260 working tax a year.

and my misses she gets 300 a month (child-family allowance) - 3600 a year.

yet the only places we can get around here for us and my location due to work, are around 100k min.

is their ANY way of being able to get a mortgage for this? even if i were to save up 15k in the next 2-3 years for a deposit?

spoonynick

is anyone able to give me advice or help?

Jack_Johnson_the_acorn

spoonynick wrote: »

is anyone able to give me advice or help?

Doubt you would pass the affordability checks with those wages and having a dependent.... You might be able to borrow £50k??? Check the online calculators & see if your gf can get work???

enginesuck

What kind of work do you do, and what kind of work do you really want to do ? Look at training opportunities and work on your CV. Basically you need a higher paid job !

kingstreet

spoonynick wrote: »

Hello, me and my partner are living with our parents and at moment we have our lovely little boy aged 2 months old


However we do want a mortgage one day but I am the only one working full time 40 hours and I only earn 13,000 a year after tax, plus 4260 working tax a year.

and my misses she gets 300 a month (child-family allowance) - 3600 a year.

yet the only places we can get around here for us and my location due to work, are around 100k min.

is their ANY way of being able to get a mortgage for this? even if i were to save up 15k in the next 2-3 years for a deposit?

Lenders use gross annual basic salary, not net.

Any overtime etc is taken separately gross annual again.

Child benefit for one child is £88 per month, not £300. If you have other benefits they may be taken into account depending on what they are.

Try different lenders' affordability calculators to see what you can borrow, being careful to enter your income and expenditure carefully.

spoonynick

hi, yh sorry my misses gets 500 a month, she gets 60 pound per week for looking after her mom and other benefits that total up to 255 at the end of the month as well. so £240 + £255 so £495 . plus what I get which is in total with my benefits, £16260 (Year)

ethank

The benefits are unlikely to qualify as income.

getmore4less

Are those benefits based on you declaring as a couple?

spoonynick

benefits are for our child and my working tax

spoonynick

speaking to my natwest adviser over the phone and also a different mortgage adviser via email both have told me they have always accepted a lot of benefits, some they will and some they will not, but it depends on how regular they are, for my benefits and what i earm they have told me. they will accept it all. and for anyone else who would ever want to know, it would be the same depending on how regular the benefit is.

so guess I have answered my own question benefits are Accepted and they increase the amount you can get

sorry for late reply but only just got off phone and literally found the email from a while ago

thank you anyway.

spoonynick

kingstreet wrote: »

Lenders use gross annual basic salary, not net.

Any overtime etc is taken separately gross annual again.

Child benefit for one child is £88 per month, not £300. If you have other benefits they may be taken into account depending on what they are.

Try different lenders' affordability calculators to see what you can borrow, being careful to enter your income and expenditure carefully.

Sorry just to add it is 255 a month for our son we do check and see what we get. It is with child tax family tax etc that's how it adds up