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Tax credits award notice, help!!
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crystalpinks
Posts: 56 Forumite
I wonder if anyone has been in this situation and can advise please?
We need to use our tax credits as part of our income to meet affordability, so have had to provide the award notice.
Mortgage advisor has not said they can't accept it as it is because the amount of earned income stated is not the same as our earned income (needs to be within £2.5k) BUT tax credits is based on previous years income not current! :mad:
Tax credits has literally just been updated so all figures are correct. Our tax credits go down slightly in April 18/19 payments as my husband started working half way through this tax year 17/18.
can anyone offer any insight or advise please? Full app has gone in, and we have very little time!
Thanks in advance
We need to use our tax credits as part of our income to meet affordability, so have had to provide the award notice.
Mortgage advisor has not said they can't accept it as it is because the amount of earned income stated is not the same as our earned income (needs to be within £2.5k) BUT tax credits is based on previous years income not current! :mad:
Tax credits has literally just been updated so all figures are correct. Our tax credits go down slightly in April 18/19 payments as my husband started working half way through this tax year 17/18.
can anyone offer any insight or advise please? Full app has gone in, and we have very little time!
Thanks in advance
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Comments
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Anyone?
Spoke to mortgage advisor today, it's with underwriters and she will update when she hears back.... absolutely cacking myself
The policy says it must be within £2.5k, it's about a £3900 difference, anyone know how likely it is they will do a 'policy exception' ?
Do policy exceptions happen often? We have a big deposit so only lending 40% Mortgage and 20% H2B .... fingers and toes crossed, but not feeling good about our chances at all 0 -
Did you have any joy with this? I’m going through the exact same problem now! I’m unsure what I can do?! Any response would be amazing as I’m completely bricking it now☹️!0
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This is common. Tax Credits are directly related to income and therefore an award letter which does not quote current income cannot be relied upon.
The mortgage adviser should be managing this.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 -
�� pepper have now delayed us again ,by saying the the renewal notice isn't enough ,I've called HMRC ,they confirm if you have black line on your renewal form it's automatically done if no changes , red line means you need to renew yourself , got the same info online broker says he printed it & sending to them , were out on Aug 2nd , and need to go mighty fast ,our purchase gone back on market as pepper too slow ����0
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