Mortgage with tax credits as income?

Wittowoo

Hi I hope some of you season posters can help me. I first got a mortgage 10 years ago when I was earning more money and in a full-time job I've since had a baby and have gone part time at work I'm a single parent. I want to move house and would like to know if there are any mortgage providers that take tax credits as income as I work 50% part time and have working tax credits to top up. Which providers would I be best looking at my current mortgage provider has said they will only lend me another £7,000 and I really need another 30:cool:

IAmWales

Did you consult a mortgage broker, as recommended last time you asked?

Are you aware that tax credits are changing and in the near future you will be transferred to universal credit? You could be a fair bit worse off when you switch, please take this into account when committing to further lending.

Wittowoo

Yes the tax credits changes is why I want to move house I need a third bedroom so that I can get some passive income by renting it out or fostering

amnblog

Many do.

The biggest issue with tax credits is that the award letters often have earned income figures that are not up to date. This is a problem for lenders as a change in income means a change in tax credits.

If your award letter has accurate income stated. Good news.