buying a house - what counts as income?

[gemmiegoatlegs]

can anyone help with this?

I have decided after passing the drug squad on the school run one time too many that it is time to sell up and move to a nicer part of town. The only prob is that I am not working at the mo (student) so we will be applying for mortgage on dh's salary. We will have about 50% equity as deposit for a new house but need to borrow the rest. is salary the only factor the lenders take into account? Will they consider my tax credits or student finances as income?

Any mortgage advisors out there?

when we applied for our last mortgage (well when DH did - I wasn't working then LOL) they included the tax credits as income.

that would be great. it may sway the balance between buying a house in a decent area or staying put...i'm not worried about bigger mortgage payments as i'll be soon saving a fortune in childcare fees when ds starts full time school!

probably best to speak to whoever you want to get the mortgage with different lenders will have different policies - we found we got more by going direct to DH's bank (in person) - even on the phone they could only offer us nearly 15k less than what they gave us after going into the bank and talking to them.

it's around 4 x solo salary (gross)

our mortgage - even though it's a single one in DH's name was for 110k.......at the time his salary was £16k.......they worked out what we could afford by looking at all our incomings and outgoings and that was the figure they gave us (which afforded us a dream house - well for us anyhow LOL)

i'm gonna try current lenders first as they have always been v. nice to me, then it seems like everyone and his dog are queueing up to sell us a mortgage

we are still in v conceptual stages a6t the mo but everyone i have spoken to today has been on about a new government thing called HIPS, about energy efficiency and stuff. This basically means another 500 quid in fees, unless we market property in next few weeks. that gives me just enough time to scrub off all the crayon scribbles!

Hi,

Halifax took into account tax credit and child benefit for ours and lent 5 x income.

HTH

mmm yes some do "affordability" where they look at what you have going in & out. Please do be wary of taking on a mortgage with large monthly repayments as the interests rates could rise.

cargirl, i am happy to pay more to reserve a fixed rate as i have two more years of uni and i like to know where i stand

thanks for all the replies

Wtf?
Also . . . Zombie thread

I don’t think student finance will count but best to check with a mortgage advisor