Guidance or am I in cloud cuckoo land

[confusedmummy123]

I work part time and receive tax credits. I have been able to pay my rent and bills for the last 10 years fine. 5 of them in my own also. Previous to that my ex was useless with money and most of the time I would be paying his half of the bills. I set budgets each month and can stock to them. Any left over is for me and the kids and savings and money towards the car. I can manage money. I have a few thousand in savings. My dad said he would always help me towards a deposit on a house. However I'm thinking I can't get a mortgage. Even though I have a good credit history and have always paid my rent because surly a lender would look at my income and discount my tax credits??? My wages are low so of they looked at them it would be a big NO. Have I got that right? Ot is so frustrating that I in theory have a deposit and could afford a monthly mortgage payment but am unlikely to get one.

Some lenders will take tax credits into account. It’s all done on affordability. Why not go and have a chat with a broker and see what they can do?

Brilliant. Thank you. Before I get too disheartened I want to completely rule out that I can't do it. The plan is to work full time fingers crossed when the children are older.

I don't know about the tax credits and how they'll affect your credit rating but I also rent and hope to get a mortgage in a couple of years. I have signed up to Creditladder which reports to Experian (and another credit rating co I can't remember the name of) so that your monthly rental payments can be taken into consideration and improve your rating.

I would definitely go to a broker and find out for sure. My mortgage offer takes into account the child benefit and maintenance I receive as well as my salary. Good luck.

Agree with those saying speak to a broker. More than one, so you get a consensus especially if the first one is negative as another might not be.

Is it an option to increase your hours / work full-time to increase your income / mortgage?

Good luck, you sound like a reliable person.