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Any idea how much mortgage I might reasonable get ?

(5 Posts)
Throughthestorm Sat 18-Jul-15 08:06:38

Will bank take my tax credits and maintainence into play for mortgage ?
I've about 40000 deposit
My salary tax credits and maintainence equal approx 35000.
I have absolutely no credit commitments .
Any ideas if they take my tax credits and msintanence into play when working out my mortgage offer ?

FunnyNameHere Sat 18-Jul-15 08:08:41

Some mortgage companies will take tax credits, maintenance and child benefit into account when calculating how much you can borrow. Halifax is one, Nationwide is another, and Woolwich (now part of Barclays). A mortgage adviser is your best bet!

sakura Sat 18-Jul-15 08:16:08

I work for a good bank that does take benefits such as tax credits into consideration. They also ask if you have "any other income" which in your case would mean maintenance.

You have a massive deposit! I work in the mortgage department, though I'm not a mortgage adviser, (I work in sales) and rarely do I see a deposit as large as the one you have.

You'd be asked for a 10% deposit, meaning your deposit makes you eligible for a £400. 000 property but your income is bit low for a property of that value. So they would multiply your income. So it all depends on the property value.

Judging by your credit record you'd pass the criteria for the bank I work with with flying colors.

RedHelenB Sat 18-Jul-15 08:18:55

Wouldn't count on it regarding tax credits- with the introduction of universal credit that figure is likely to fall. Halifax wanted 6 months proof of maintenance payments I think

Superexcited Sun 19-Jul-15 08:32:24

As everyone is set to lose some of their tax credits from next April due to the threshold and withdrawal rate changes announced in the budget I wouldn't be surprised if more lenders became wary about including tax credits for income calculation purposes. The best thing to do would be apply for a mortgage ASAP and calculate what you can afford to repay even if your tax credits take a significant hit.

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