mortgages, benefits and first time buyer

soontobemrsg

Looking to finally have saved around a 10% deposit next year and have a few quick questions:

Can income from CTC WTC and CB be considered as part of the calculation?

Will my current rent payments and a loan which will complete before application show affordability ?

Finally, I bought a house many moons ago when I was just 18 and following family advise sold in my early twenties - will this mean I am not eligible to be considered a first time buyer for any government backed schemes like the save to buy ISA

Thanks in advance

Malmo

There are a few lenders that consider tax credits and child benefit as income.
Discuss with a good whole of market mortgage broker.

Malmo

You will also not be considered as a first time buyer as you previously owned a home.

Pixie5740

It depends how long ago you last had a mortgage. Some lenders re-instate your house buying virginity after 3 years has lapsed since you last had a mortgage. I'm not sure about the government's new HTB ISA though.

soontobemrsg

Thanks for the replies so far, good to hear that the income can be considered with certain lenders and I will of course take on a broker when the time comes, just wanted really to ensure that I wasn't saving in vain with no hopes of a mortgage again.

Sold my house in maybe 2004, will investigate further come October when these ISAs come into play so that any addittional interest I could get would of course mean a lesser mortgage and hopefully improve my chances. Failing that I can save for longer but want to get back on the property ladder before I hit 40.

SilverMist

Santander have offered me a mortgage (pending valuation) with the HTB guarantee scheme and I have previously been on a mortgage (bought out 8/9 years ago). My broker just had to declare that.

amnblog

soontobemrsg wrote: »

following family advice sold in my early twenties

Are you still talking to the source of that advice?