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Tax credits/Mortgage ?

(4 Posts)
Joy69 Sun 11-Oct-15 09:02:32

Hi everyone. I have separated from my husband & he is buying me out of my share of the mortgage, which will go towards a new home for myself & the kids. I will still need to get a mortgage, which
will still be cheaper than renting, as im not looking at a mansion on my salary.
Not sure if I will be able to claim tax credits

etc? Does my half of the house counfinancial settlement, even tho it's mine? Tieing myself in knots over this. I can manage the bills (just) but not much else ie school trips, petrol etc.

Fairylea Sun 11-Oct-15 09:07:37

You can still claim tax credits if you have a house as long as you live in it and it's not savings etc I believe (I own my house and have always claimed).

Some mortgage providers like nationwide count tax credits as income with regard to mortgage offers.

The turn to us website has a great benefit calculator to tell you what you might be able to receive and claim.

Joy69 Sun 11-Oct-15 11:39:26

Thanks for the reply. No savings. .....keep hoping for that lottery win ??

Babyroobs Mon 12-Oct-15 09:13:27

Some mortgage lenders do take tax credits into consideration but you need to be aware that tax credits are being reduced, so t may be best not to rely on them for mortgae purposes. For 2 kids the threshold will be dropping to around £26k from April 2016 , but would be higher if you pay childcare costs. Some mortgage lenders may also take child maintainence into consideration when deciding to lend.

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