will they count tax credits as an income for a mortgage?

[Tottie32]

lots of key worker shared ownership places being built in area, and i would love to apply but my wage on its own is low....

so would they consider my tax credits etc

[kerrykatona]

sure i have heard of this before and the answer was no. you cant "count" on always having your benefits paid to you so what applys this year might change next year etc.

[fryalot]

speak to an independent mortgage adviser - we applied for a mortgage at the beginning of the year and were told that you CAN get a mortgage on tax credits.

Some banks and building societies DO take into account tax credits, but I can't remember now which ones do and which ones don't.

Whilst kerrykatona is quite correct in that you can't bank on always getting them, tax credits are there to supplement your income, so in theory, if you stop getting the credits it will only because your income has risen to such a degree that you no longer need them.

[fryalot]

we got our mortgage adviser through moneysupermarket.com btw

[VeniVidiVickiQV]

Tax credits are a form of tax relief.

Therefore,IMO, it does count towards income.

[3madboys]

we recently got a new mortgage after having a fix rate one for two years, both times the mortgage company HAS accepted tax credits as a form of income and i know lots of other people who have used them as income.

when applying for a mortgage we had to send our tax credits award notice off with all the usual details regarding dp's wages etc.

from speaking to our mortgage advisor i think it is quite common that they now accept tax credits as a portion of your income hth

[3madboys]

btw we are with the halifax and we were also offered mortgages by northern rock and one other whom i forget, so lots of the main mortgage dealers accept tax credits

[Tottie32]

brill thanks all

fingers crossed, that i may stop throwing money down the plug and may have some secure future for my little ones

[TheQueenOfQuotes]

we're with HSBC and tax credits were taken into account too.

[Linnet]

Dh and I went to a few banks to enquire about a mortgage and they all took the tax credits into consideration when working out how much we could borrow.

[LilyLoo]

Tottie could i reccomend you to look here www.mumsnet.com/Talk/1930/382459

[LilyLoo]

he says just pop your details though on an email to [email protected] and he can look from there , wont do a credit search or cost you anything until he is sure you can go ahead.

[Tottie32]

ok brillant when i get chance i will sort it..

many many thanks- really appreciate it