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Want to remortgage to move house but do tax credits count as income?
Wittowoo
Posts: 8 Forumite
Hi, am new here and hope one of you enlightened types can help me.
I've lived in my current house for 14 years, its a 2 up 2 down; mortgaged with £65k still outstanding. Property valued at £125k. I'm a single mum with an 8 year old child, work part time, 17.5 hours for £16k and get CTC & WTC which work out at £8200 so total income circa £24000.
Basically, I want to move to a bigger house to start fostering and change career. I'm looking at ballpark £180k for a 3/4 bed property.
My credit score is 919 with experian.
Would I have any chance of remortgaging to move house? Which sort of lenders would I look at for this please?
I've lived in my current house for 14 years, its a 2 up 2 down; mortgaged with £65k still outstanding. Property valued at £125k. I'm a single mum with an 8 year old child, work part time, 17.5 hours for £16k and get CTC & WTC which work out at £8200 so total income circa £24000.
Basically, I want to move to a bigger house to start fostering and change career. I'm looking at ballpark £180k for a 3/4 bed property.
My credit score is 919 with experian.
Would I have any chance of remortgaging to move house? Which sort of lenders would I look at for this please?
0
Comments
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Some lenders will count tax credits as income. Your figures seem on the edge, or past the edge of affordability unless you are putting more cash in.
Consult a mortgage broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
No more cash to put in. But I thought ii had quite a bit of equity. Ah well. Thanks, will try a MB.0
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