mortgages with Tax Credits?

[jobergamot]

Hoping some of you money knowledgeable types might be able to help.

I've lived in my current house for 14 years, its a 2 up 2 down; mortgaged with £60k still outstanding. Property valued at £135k. I'm a single mum with an 8 year old child, work part time, 17.5 hours for £16k and get CTC & WTC which work out at £8200 so total income circa £24000.

Basically, I want to move to a bigger house to start fostering and change career. I'm looking at ballpark £180k for a 3/4 bed property.

My credit score is 919 with experian.

Would I have any chance of remortgaging to move house? I would definitely need a provider who takes TC as income. Which sort of lenders would I look at for this please?

We got an offer from Barclays who take tax credits into account for children under 13.

Double check that moving wouldn't get you shifted into UC if you're heavily dependent on that income, mind or else you could come seriously unstuck.

I think you need to speak with your mortgage provider, can you afford the repayments on your existing income if the intrest goes up?

You'd also be working on a pretty high income multiple, which would limit your options. You're best off. Speaking to an independent mortgage advisor.

Hard to say with so many changes to the benefits system in the next few years. Everyone will be switched over to Universal credit in the next few years .

I got a mortgage arranged with London & Country and was told that most mortgage providers accept tax credit income, providing the term of the mortgage isn't longer than the award (it needs to be paid off before your children become adults and tax credits end). It didn't affect my ability to get a mortgage, but did affect my ability to get a longer term.

Your 919 with Experian is neither here nor there, they are not the ones lending you the money.

I only mentioned Experian score as I thought it showed I had an 'excellent' credit rating with them. I'm going to work part time til my DD goes to high school and then I'd expect to work full time again either in my current career - wouldn't be on any TC then, would be earning £38-40k by then or as a foster carer (which is the idea behind moving to a 3/4 bed house)

Just need to speak to a mortgage broker I guess. I don't want to market my house and incur any costs before I've got an actual mortgage agreed tho.... moving house is stressing me out already haha!