how much mortgage could we borrow on £14500 a year?

[longwaytogo]

Thats it really. We have about £2000 saved, we are going to have to move out of the house we are in that comes with the job that i resign from in Feb.So how much mortgage would they give us?

Your income for mortgagfe purposes will be well over 20,000 if you get that much in child tax credits (sounds a lot though?)

So you might be able to borrow 90,000

did an online calculation and said £3000 which was less than we were getting now on both our incomes so rang them and they did it over the phone and it turned out at £7000 2 adults 4 kids, income of £14500

£90,000 would be ok if we could get shared ownership with housing assosiation will have to fill in the forms and see how it goes. having 2 teenagers and two toddlers is not as easy as just having 2 kids and being able to find a little 3 bedroom somewhere.

How old are the teens, they will get 30.00 allowance per week if they are in education after age 16 (but it does go direct to them)but on the downside if they leave education for employment the tax credits go (and child benefit)but i guess you would then expect some rent from them if they were at home

What kind of house are you thinking of? I suppose arrangements for the kids to share (and realistically you are unlikley to get a 5 bedroom house) depend on the sex of the teenagers. What are house prices like in your area?

Working Tax Credits do top out. It's the Child Tax Credits that don't top out as early. Also, you get more CTC if you have children in care w/a registered child minder and are in work, naturally, as the programme is set up to encourage parents to work outside the home.

Are the teens old enough to get jobs? When my dad turned 15 - the legal age to work back then -he had to pay some rent and board to continue to live at home, as did his siblings. The family just really need every penny it could get.

I'm going to have 2 kids and they will have to share a room. That's how it goes sometimes. Lots of people live like that and suffer no lasting damage. Might try looking at 3 bedrooms and the same-sex kids can bunk up till things get better.

We went 'market rent' from a housing association. That means no wait lists. It's like renting from a private landlord, as we pay full rent, but w/an assured tenancy. A lot of HAs do this up here, b/c they only have to let out a percentage of their properties at subsidised rates.

expat - it's the other way round CTC - top out (we don't qualify for them at all) but Tax Credits you can earn up to about 30k (I think it is - may be slightly more) before you get them.

We had Tax Credits when we had an income of 18k a year, but even now we still don't qualify for CTC.

It's WTC that tops out. That's where we ran into trouble when they 'overpaid' us b/c they didn't correct errors regarding our earned income level. So the error was on our WTC. Learned the hard way, unfortunately. Our appeal has been upheld, but we no longer qualify for WTC as 'earning too much'. We do get CTC, however - well, it's been reinstated. And a whopping £100 for 'compensation'. Hey, better than nothing!

WTC used to be paid out by the employer, who then was reimbursed, but that's being phased out and now it's supposedly coming directly from the IR.

Can only imagine the number of 'overpayments' they'll supposedly determine now.

Expat is right, it is WTC that stops at a certain income level.

I have a horrible feeling that we may be getting too much WTC.

They can't get ya if you reported the increase and have a record of it, nutcracker, in a timely fashion! They'll try, though. Oh, yes, they'll try , especially now as the greedy b*&tards at HM Revenues & Customs have taken over the whole affair - well, between this month and March, 2006.

What it is, is that when dp's p60 came last year, the amount was wrong, it said he had only earnt £10000 and something. We managed to work out that this was due to him changing jobs and them missing of the 3 mths pay between the tax year starting and him starting his new job.

So we basically added the 2 together and gave that amount. I think it was £13000 ish. The odd thing is though that the year before that when his salary was aroud £12800 we were getting less WTC than we do now.
I assumked at first that maybe it was just that the rates had gone up but now i'm worried either us or them have messed up.

Why cant WFTC get find out for themselves from your DP's p60 what he earned, surely if they are all under the 'INLAND REVENUE' umbrella they have access to how much he has been payed. Or dont they work that way?

Haven't a clue emma. TBH I don't know how they made the mistake in the first place. There was no gap between the jobs, he went straight from one into the other and was taxed in both so how they ballsed it up I dun't know.

Am panicking about telling them about my temp job too cos even though they said my money this year will not be effected, i'm not sure I believe them.

What i don't get is how we are supposed to know whether we're paid the right amount as there doesn't seem to be a table to look at..so don't you just have to accept what you're given?

D'you know, this stuff really makes me - these bloody benefits and the daft ways in which they work them out and expect everyone to understand it causes people so much stress. And to overpay and expect it all back - what bloody world are they living in?

I'm not affected it by it but I read a lot of posts about it and it really makes me mad.

Exactly Zippi, if they say this is what you have been awarded then I assume it is right, afterall they do the calculations not me.

And we only ever get estimates of income on them and when you want to claim something else like student loans etc they keep sending them back because they are estimates

We used to have a shareed ownership house, but it got far too small for us and Dh lost his job and- oh all sorts of stuff. They're out there though, but in our old HA you had to be on the housing list to get first dibs at them. Ask your HA.

We do the rent thing now. Privtae, but a hopuse that suits you is important.

I boosted our income by going to Uni. I know that sounds stupid, by LEA pays my childcare, i get £7500 on top in grants / loans etc. not amazing i guess, but boy does it help, and at the end of it I'll have a degree and a teaching qual. Yes I'll have the loan, but they're easier to cope with than people think.

one 13 one 11 so pre teen, they at moment have own bedrooms and toddlers share dd 2.9 yr an ds 19 months. thing is most 3 bed houses 3rd bedroom generally small.

need to get housing forms from council and fill them out, see where we go from there.

My mum is a mortgage advisor... you CAN get up to 4X your income if your credit is good etc and you can satisfy her that you will have the means to make the repayments necessary.

4 x if its one income, if its 2 incomes added together they will do 3.5X i think

We got to borrow 91,000,000 when my husband wasn't working and I was on 13. It was a non-declaring kind of mortgage. My employer just had to confirm that I had a permanent job. This is clearly madness and the payments are massive but just to say it's possible, if insane. The mortgage is with Bank of Scotland. Bastards.

Our earnings are 23,000 and we got a mortgage of 102,000 with northern rock.

91 million pounds on 13K a year?! Blimey!

lol gobbledigook! I meant 91 thousand of course but I didn't want to write 91K as it sounded to 80s.