High Deposit Low Income

Danny30

Hi, I have just sent my application for mortgage with skipton through a broker and am waiting to see what happens. I just want to ask from some experienced members what are my chances.
Deposit is £420,000 (through inheritance) 
Mortgage applied for is £105,000 over 30 years. 
It is a joint application with me and my wife. We have 2 children.
Skipton use the last 3 payslips to work out income and take 50% of bonus income into account and all benefit income.
No issues at all with our credit reports either. No card debts or money owed anywhere. Using the last 3 payslips with 50% of bonus income figures would be:
Me - around £17000 income - WTC - £780
Wife - CTC - £5450  - Child Ben - £1690.
Total = £24,920.

Thanks 

swaledale_one

Silly question but why not just find a home/farm/small holding which should be fairly easy and live totally mortgage free?  Anyhoo I'm sure most lenders would fall over themselves to get your custom as if you default their quids in.
Ps how do you manage to get child benefits but have over £400k in savings?

Danny30

swaledale_one said:

Silly question but why not just find a home/farm/small holding which should be fairly easy and live totally mortgage free?  Anyhoo I'm sure most lenders would fall over themselves to get your custom as if you default their quids in.
Ps how do you manage to get child benefits but have over £400k in savings?

Houses around here are pricey unfortunately and would like to stay in the area. The £420,000 is through inheritance and child benefit/ Tax credits are not means tested benefits. 

EverythingIWant

Danny30 said:

swaledale_one said:

Silly question but why not just find a home/farm/small holding which should be fairly easy and live totally mortgage free?  Anyhoo I'm sure most lenders would fall over themselves to get your custom as if you default their quids in.
Ps how do you manage to get child benefits but have over £400k in savings?

Houses around here are pricey unfortunately and would like to stay in the area. The £420,000 is through inheritance and child benefit/ Tax credits are not means tested benefits. 

Child tax is defo means tested

Danny30

EverythingIWant said:

Danny30 said:

swaledale_one said:

Silly question but why not just find a home/farm/small holding which should be fairly easy and live totally mortgage free?  Anyhoo I'm sure most lenders would fall over themselves to get your custom as if you default their quids in.
Ps how do you manage to get child benefits but have over £400k in savings?

Houses around here are pricey unfortunately and would like to stay in the area. The £420,000 is through inheritance and child benefit/ Tax credits are not means tested benefits. 

Child tax is defo means tested

Yes, but it depends on earnings not how much money in the bank. 

swaledale_one

Thats abit bizarre as Universal credit is most definitely means tested which includes savings.  Straight from their website 'If you've savings of £16,000 or over, you won't be eligible for universal credit'

Danny30

How savings affect Tax Credits

If you are getting Working or Child Tax Credits, only taxable income is taken into account, so you might be able to claim tax credits, regardless of the amount of money you have in savings.

However, the interest you earn from savings is classed as income. Any income from savings over £300 will be taken into account and will affect how much you get.

Danny30

If you move to universal credit then it is £16'000 but with a 12 month grace period 

swaledale_one

Not if your area is within universal credit.

Danny30

You only have to move to universal credit if you stop your claim. At the moment I am not on universal credit. 

swaledale_one

That makes sense...tho when your area fully moves to universal credit you will then be forced to move to it I'm afraid.
But anyhoo I'm sure you will definitely get approved for a mortgage.