What are our chances

stassy23

After being knocked back a few times with different schemes we have decided to try and get onto the property ladder without the schemes.


our situation my husband works full time not on a brilliant wage just under £16000 a year, I currently don't work as I care for my disabled son I receive carers allowance.
we also get child benefit and tax credits.


We went back to our mortgage broker as my parents are gifting 10% deposit. we had an aip with Santander but it had just ran out. we seen a property for £142500 so we need a mortgage on £126000 if we could get it for £140000. broker done another aip with Santander it was accepted.
we viewed house loved it and our offer was accepted for £140000. We submitted all the proof the broker wanted and he done the full application to Santander today.


the only debt we have is my husbands loan of just under £2000 credit reports are all fine.


my questions are will they accept carers, child ben and child tax credits? cant help husbands wage is low cant do much about that.
Also what do you think are chances are after being knocked down 3x times with houses and schemes I just feel deflated.
thank you in advance.

Malmo

Your broker will know best and should be aware of Santander lending criteria but according to their residential lending criteria, they accept 100% of Child Benefit, Child Tax Credit and DWP benefits guaranteed for life, subject to certain conditions. Refer to the Affordability section and the Income Types table on page 2 of the document below.

https://www.santanderforintermediaries.co.uk/library/lib_44.pdf

Malmo

We'd need to know how much your benefits/credits are. On just the basic salary alone, the mortgage amount required is a large multiple, so the additional income needs to satisfy affordability, given that there is also an outstanding loan to be repaid.

With regards to the schemes you refer to, to what extent in the application process did you get to? Were any credit searches conducted by lenders?

stassy23

The scheme was help to buy equity one everything was fine except we couldn't get authority to proceed as they thought we couldn't afford.
We looked at shared ownership but all the houses were gone.
Only had one credit search and that was with Santander when we were going to do the help to buy.

Its horrible that husband is on a low wage he works so hard but thats how it is as wages are low where we live.