Right To Buy Mortgage while on Supported Earnings

mickey.p

I am looking for information on mortgage suppliers while on government assistance - not benefits!

I have a child with special needs, he gets DLA and I get carers allowance. I am also self employed and work from home too so I have a small income from that (although not in past few months as I have taken time out while things were in a bad phase for my son) - but the annual tax returns do not reflect this due to things you can write off - all above board and done through an accountant.

I live with my partner and he is also self employed (has a few health issues too) and earns a small amount as a childminder, again more than the annual returns for the same reason. He wouldn't be on the mortgage though as he has bad credit from 6+ years ago - being paid but still on his file.

I have put in for the right to buy and can buy the house for £48K which I am happy with as it's valued at £90K.

I am happy that we could cover the mortgage payments but due to new rules I have been told that getting a mortgage will be difficult and possibly impossible. Does anyone know any different?

I want to help to secure my sons future for when we aren't here to help him.

Thanking you in advance for any assistance.

Annisele

We're not going to be able to give you a definitive answer here (apart from anything else, we're not allowed to give advice on this forum).

Do you have any savings at all, or do you want to borrow the entire £48K? And do you have any debts? If you do, the debts will probably reduce the amount you can borrow.

Whether you can borrow the amount you need will depend mostly on the amount you earn - and by that I mean the amount declared as earnings to the tax man, *after* all deductions have been written off.

Are you certain your partner's poor credit will mean he can't be on the mortgage? Some people say "poor credit" when the mean a single late payment five years ago; other people say "poor credit" to mean undischarged bankruptcy. It sounds as though you're somewhere in the middle of that, but exactly where might make a difference.

Ultimately, you're probably best to go speak to a mortgage broker, give them all your details, and see what they say.