I am a single Mum whose husband has just left her. He now wants hisname off the mortgage so he can buy his own house. I work part-time, but my income is not enough to take on the mortgage, and my bank, Nationwide, does not accept Working Family Tax Credits as income. Do you know of any mortgage company that does?
2006-09-11 19:35:55 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The trouble with tax credits is that they vary with your regular ( or irregular ! ) income and have a habit of stopping without warning. Your problem is not so much that mortgage companies will not accept tax credits as part of your income ( which of course they are ) but can you actually service a loan to buy your husband out. To be honest, and on the basic information that you provide, it seems likely that you are a long way from being able to support the kind of mortgage that you want. Even if you were, paying it would be a complete misery. Tax credits are there for a reason, to support people on low incomes and with children to support ...... it is therefore almost certain that you do not earn enough to support a mortgage of the level that you seek. I assume that you have taken legal advice on what support your husband must provide and that a move is necessary?
Otherwise, I think you have to accept the inevitable ... the house will have to be sold and you will have to seek rented accommodation. But remember nothing is set in stone ,,,, the future may be better than you think!
2006-09-11 20:16:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
sorry i don't think any mortgage company will accept Tax Credits as an income. Best thing to do is to go and see a mortgage adviser and they will tell you all the in and out and how much you can barrow. Good Luck x
2006-09-11 19:58:36 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Lenders subscribe to a code of " responsible lending" & use "income multiples" or "affordability" to calculate what they believe you can afford as a mortgage. Working family tax credit will come into the equation, as will credit scoring & any other financial commitments, It is also possible to take maintenance into consideration. Some lenders will also consider a guarantor. I am an IFA & would suggest that your best chance is to use an IFA as they know how best to present the case to the lender,( some charge a fee, so ask first ).
2006-09-11 20:26:56 · answer #3 · answered by stephen t 1 · 0⤊ 0⤋
Contact a broker and not a lender and they should be able to help depending on experience and how much they really want to help you. Otherwise drop me an email and I should be able to place you with a lender. My experience - 5 years as a senior mortgage researcher and still have to come across a client who I have not been able to place. My email goodfinances@hotmail.co.uk
I work for a company who is Financial Services Authority (FSA) regulated and all will be done in order. You will not be asked any personal questions until you are in receipt of FSA documents.
And if you are happy with my work - I expect you will tell your friends
PS Check out my best answers
2006-09-11 21:39:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I filed 1/25/2013 and was accepted 1/27/2013, with education credits and It says on the WMR site that I have a direct deposit date of 2/26/2013. I hope this helps. I think you should get your date kbefore March 1st.
2016-03-26 21:28:20 · answer #5 · answered by Marion 4 · 0⤊ 0⤋
Talk to the Citizens' Advice Bureau, they will arrange for you to speak with a Solicitor for 1/2 hour free of charge. Your estranged husband cannot simply take his name off your current mortgage, he has legal, contractual obligations.
2006-09-11 19:40:44 · answer #6 · answered by Lick_My_Toad 5 · 2⤊ 0⤋
no one will accept benefits for a mortgage..a mortgage is normally over a long period of time and the fluctuating nature of some of these benefits means no bank would accept them as a stable income.
2006-09-11 19:51:51 · answer #7 · answered by lee b 1 · 1⤊ 1⤋
You could try GMAC (0870 7708030) or Kensington....they may do. Always seek Independent Financial Advice. Good Luck!
2006-09-11 21:32:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
sell the house and buy a cheaper one
2006-09-11 20:23:02 · answer #9 · answered by Anonymous · 0⤊ 1⤋
No I do not
2006-09-11 19:39:45 · answer #10 · answered by YOU 1 · 1⤊ 2⤋