Can i unclude WTC and CTC as income for mortgage?

pennypinchingmum

My husband and i are wanting to buy a house he works part time and i am just about to start a job. Does anyone know if we can include Working Tax Credit and Child Tax credits as well as Child Benefit as an income when applying for a mortgage? has anyone else done this?

UK007BullDog

Not Child benefit as it is for the child, but some lenders might.

Why dont you post your full income here before tax and we can tell you the max you might be able to borrow, if you want to know.

It also depends on your credit rating and do you have a deposit as you will need at least 5% to 10%. Plus costs for solicitor, surveyor, product fees and maybe stampduty as well.

[Deleted User]

My lender didn't take WTC and CTC into account.

UK007BullDog

It depends on the working tax credit how long you might be getting it. If your income is low and the kids small the lender expects you to get it for a longer time. so some will include it.

OP might need to see a broker who will pick out the right lenders for this case.

wendfrombev

Hi Mum

My lender is the halifax and they took into consideration my WFC and CTC, they were the only lender who would entertain me as my income was quite low.

Be prepared to barter tho, the first mortgage consultant at the Halifax I went to see said I had no chance and I had to pay a deposit of £5,000.
The second time I went to the Halifax I had a lovely mortgage advisor and she agreed with discretion to a mortgage as I have a perfect credit history.
I was so grateful to her, she was a single parent too!!

Good luck and keep going until you find someone who understands and is in a position to help you.