Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Original poster

Mortgage Lenders who take Tax Credits/Maintenance into account?

24 replies

tadpole73 · 05/04/2017 12:22

Hi
I'm part time and so my salary does not meet lenders criteria to borrow the amount I need to take over the mortgage. Does any of you know which lenders take into account tax credits (working tax, child allowance, child tax) and child maintenance please? As I get an extra £10k per year from these combined. My child is 9yrs.
If so, which one and would they take 100% of the tax credits & maintenance into account?
Any tips please.

OP posts:
MrsBertBibby · 05/04/2017 19:03

You need a mortgage broker.

gluteustothemaximus · 05/04/2017 19:04

Apparently Halifax do, but echo that you need a mortgage broker.

pinkhorse · 05/04/2017 19:23

I don't think they take maintenance into consideration as it isn't reliable

TheJiminyConjecture · 05/04/2017 19:25

Our mortgage broker took my child maintenance into account when we had an initial meeting with them.

Toffeelatteplease · 05/04/2017 19:30

Nat west. I did it through a mortgage broker.

ShinyTamatoa · 05/04/2017 19:58

Nationwide did with us when we took out our first time buyer mortgage.

Original poster
tadpole73 · 05/04/2017 20:01

Hi
Thanks for your replies
I called a broker today who said it would cost me £1800 for their services hence me trying to find somewhere direct

OP posts:
Original poster
tadpole73 · 05/04/2017 20:02

Also, do they take both into account? Tax credits AND maintenance? 100% of each?

OP posts:
sparechange · 05/04/2017 20:03

Speak to london and Country. Brilliant broker and they are free

alltouchedout · 05/04/2017 20:07

A broker's fee is one of the things it's my understanding you need to be able to afford before you can say you're ready to apply for a mortgage (disclaimer: I don't have a mortgage myself yet). I always thought it's once you have deposit, sufficient funds for broker, solicitor, moving costs etc that you're ready to start.

sparechange · 05/04/2017 20:09

I've never paid a broker fee and I'm about to buy my 5th house...

Original poster
tadpole73 · 05/04/2017 21:30

Thanks again for your replies.
Yes, I've had several mortgages over past 23 years but they have always been joint applications.
I too have used a broker in the past who didn't charge a fee, hence why £1800 quote was shocking.
London & Country are a good suggestion thank you. I only need a £90k mtge against a £330-350k house so the LTV is relatively low, but the lenders have become stringent on their borrowing criteria. Salaries in this part of the Country are low hence my need for the lender to include Tax Credits and Maintenance when calculating how much I can have.

OP posts:
moomoogalicious · 05/04/2017 21:31

Another vote for London and country. Have used them a couple of times

TreeTop7 · 06/04/2017 20:21

I think that HSBC will take court ordered maintenance into account, as well as tax credits and child benefit as long as they're going to last for the period of the loan.

So there are places.

Definitely see a broker though. They'll find you the best deal and will do a lot of th donkey work for you.

Toffeelatteplease · 07/04/2017 08:38

Natwest took maintenance tax credits and other disabilty related benefits into account. High LTV ratio in my case too

Leatherboundanddown · 07/04/2017 08:49

I know Natwest and Santander do but you really should use a broker. Most charge £500.

I have an unusual situation but a broker called Fox Davidson were fantastic for me. It is possible to sort this quite quickly too. It is better if your maintenance is sorted through the CMS/Court order but if not and you provide bank statements showing the regular amount you should be fine. Good luck

Original poster
tadpole73 · 07/04/2017 11:42

Thanks everyone for taking the time to comment, I'm really touched x

OP posts:
QuiteLikely5 · 07/04/2017 11:51

London and country - what they don't know about the mortgage market isn't worth knowing.

They get their fee from the bank too so you will pay nada

isambardo · 07/04/2017 11:55

Yes, we also used London and Country. However, when we remortgaged we got a better deal direct with our bank than L&C could get with them, so do check with your own bank. They know you so may be willing to lend higher than you'd expect.

gillybeanz · 07/04/2017 11:59

My ds is a broker and is saying if you want tax credits to be taken into consideration for a mortgage, you need to do it soon.

lenders are to stop this in near future as many won't be entitled to the same amount, if anything, when UC comes in.

Minime85 · 07/04/2017 21:31

Nationwide took my maintenance I just had to provide the consent order and a letter signed by ex husband to confirm

Original poster
tadpole73 · 07/04/2017 21:50

Thanks everyone, you have really helped

OP posts:
Anis1 · 31/10/2017 16:21

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Angrybird123 · 31/10/2017 21:45

Halifax took maintenance into account as it was sealed in a consent order. I also used a broker that was free to me. They get their cut from the mortgage provider they put me with . For your own sake though I would do your sums and work out if you could afford the monthly repayments of maintenance did stop for any reason.

New posts on this thread. Refresh page
Please create an account

To comment on this thread you need to create a Mumsnet account.

Join Mumsnet Log In

This thread is closed and is no longer accepting replies. Click here to start a new thread.

Swipe left for the next trending thread