Could we get a mortgage on a really low income and tax credits?

[elliejjtiny]

I've just inherited some money (don't know how much yet) and I was wondering if it's a big enough amount if I could use it for a deposit on a small flat or house and rent it out? Dh thinks we wouldn't be able to get a mortgage though as our income is really low and the majority of the money comes from tax credits. Is that right?

www.moneyhelper.org.uk/en/benefits/problems-with-benefits/how-do-savings-and-lump-sum-pay-outs-affect-benefits

There is no savings limit for tax credits. The £6k only applies to universal credit.

@dalrympy

You will lose tax credits for savings over £6k if I remember rightly.

Tax credits only take in account any interest on savings, it is irrelevant how much you have.

Universal credit do take savings into account.

Thankyou everyone. I naively thought that with all the posters on mumsnet saying about how landlords are raking in the money it seemed like a good idea . It will probably be a moot point anyway as my inheritance could end up being £50 or something.