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Advice... Is this do able?

(12 Posts)
Autumn29 Thu 20-Sep-18 10:05:48

Hello I'm looking for some advice on mortgages again lol. I think I am looking at a mortgage needed of around £120,000 with a deposit of between 60,000-80,000 depending on what my current house sells for. If I was to get between £1200-1800 in benefits a month and a wage of around £480 a month, would it be possible I would be accepted for a mortgage as a single applicant with two dependants? Has anyone managed to get this amount lent to them?

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NGC2017 Thu 20-Sep-18 13:09:38

I will be interested to know this too. A few years ago when trying to remortgage, no lender would look at me because I was told my income was too low and they dont take all tax credits and maintenance etc into account. I was then earning £16k a year, plus tax credits and maintenance on top. I own 50 percent of my house too! I still have another 3 years in a fixed but sometimes do the online calculators and no one will look at me still, despite no debt and no childcare. Lucikly I can stick with who I am with. Not the best rate but at least I will be given my mortgage. I love my house but its small, however with the way things have gone I will never be able to move us.

bettycat81 Thu 20-Sep-18 14:08:13

It depends on what those benefits are.

You wont get housing benefit to cover a mortgage for example.

Autumn29 Thu 20-Sep-18 14:27:14

Thanks for the replies. I'm surprised that you had such difficultly £16000 is a gd wage. Ive heard Halifax and nat west are the ones that take benefits into account. The benefits are child Ben, child tax cred, possibly income support, carers, dla and possibly child maintenance. Although my partner has threatened to take these benefits off me if I left.

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NGC2017 Thu 20-Sep-18 14:35:00

I was shocked too. I used L&C. They really struggled for me. But at the time my son's childcare was double my mortgage payment a month. It made no difference that I could prove we had usable income and saving after everything was paid out. Their system said no, so it meant no. I will defo try again when it next comes to remortgaging but I found it so difficult

NGC2017 Thu 20-Sep-18 14:39:30

The thing with additional income, and I can somewhat understand it, is that it is not guaranteed. My sons maintenance is paid very erratically by his employer so although I do, I really cant rely on this as regular income. Same with my tax credits, they seem to change easily and the system is designed to overpay you when you make a change (a payment they take back fast in my cases) so again I cant rely on this either.
I hope you get somewhere as it will give me hope when I try again

happyhappycarcar Thu 20-Sep-18 14:44:42

You could also work on your credit score that may help. Not having debt is good, but you get a better score borrowing and paying it back. It shows you can be lent to.

So for example take out a credit card and only use this to pay for your shopping each month then clear the balance monthly. Just don't spend on things you cannot afford to pay off as if you don't clear the card each month you will pay interest.

Or something like a phone contract rather than being pay as you go.

NGC2017 Thu 20-Sep-18 14:49:30

I have done all that. Ive been in debt, had loans, credits card, contracts etc. My credit score is excellent they said. Hopefully their stance may change now I dont have as much childcare to pay out

Autumn29 Thu 20-Sep-18 15:10:23

My credit score is 570 I think and I've paid off my credit cards, that is a gd idea about using the credit card for a phone shop. I just wondered if anyone had managed to get that amount on a similar wage x

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NGC2017 Thu 20-Sep-18 15:21:05

I have heard using a broker is always better as they have access to the whole market. Have you found somewhere yet or is this early stages?

blueskiespls Thu 20-Sep-18 16:52:18

Go to a broker who will search 'whole of market' fix for as long as you can, ad you never know what your circumstances will be in say 2/3 or whatever years. Santander take into account tax credits. You will need to prove it's all in your name etc. Gather together all the paperwork you will need ; pay slips, tax credits awards, bank statement showing CM, etc etc. Best of Luck

Autumn29 Thu 20-Sep-18 17:17:57

Thanks this is early stages. The rent in my area is around £850 and I csnt really afford that and don't believe I will get help from the council so am concerned that a mortgage would be my only option. Thank u for all the advice. I will look into a broker then x

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