anyones partners earn 300 pm... 20000 a year??

[Mummytoobeexx]

my partner earns £300 a week, im currently not working at the moment we have a daughter under a year old. we are currently in deciding if to buy a house or rent but im so worried about money. any ones partners earn around 20000 a year before tax/300 a week after tax... do you get by!? struggle?? can we still claim child tax credits/ working tax???

 

[Cherrybomb143]

Hey Girl,
I am from the US and I am guessing you may not be. I am not sure if its any different over there but, 20,000 a year is hard to live on. I am also a stay at home mother which makes it really hard on the family. My husband brings home $390-400 a week. Honestly, its a big stretch. We pay $1000 for rent.

We were going to buy a house but since our income is so low we cannot get approved for a home loan. He is even a veteran and can get a VA loan but, no can do. Even with a down payment. We are happy renting for now I guess.

My DH has another job part time where he gets about $300 a month from. So, all in all we bring home under $2000 a month. Its hard work :[

 

[Rachel_C]

Where abouts are you? That can make a huge difference to what you can afford. Have you looked at online mortgage calculators to see what you would be able to borrow, how much deposit you'd need etc?

 

[Mummytoobeexx]

im in the uk. we have 10k deposit. im just worried time we paid. morgage/rent. bills etc we wont have a penny ive been told because my partner get 20000 a yr before tax we wont be entitled to. child/workinf tax credits.

 

[MrsT&Ben]

Hubby and I earn 30k ish between us and we struggle like crazy. BUT we do have a mortgage, in our area it isnt cheaper to rent. In fact it costs a hell of a lot more.
It all depends where you are living. Our cost of living is really high because we live on the coast but its worth every penny to see the sea every day.
My advice would be to go and see an independent mortgage adviser and see what you can get, they should be able to tell you how much a month it will cost you. Good Luck

 

[_Lexi_]

My partner earns about 22-24k per year. We also have a 10k deposit ready, but can't get a mortgage. Most places we've looked, we'd need at least 15-20k deposit for a house where we are. I'm not sure about tax credits etc as lo isn't due until June. We rent at the moment which is £420 pm, then council tax, bills etc in top. We don't have much left at the end if the month. Our rent is only so cheap as the house isn't in a great state. We're going to wait for house prices to drop again in the next few years then try and buy and hopefully have a bigger deposit together!! x

 

[Abz1982]

We have a mortgage, we got it last year before I went on maternity. My partner earns 24k. If I do not go back to work, after bills etc we will have £150 a month left over...........so its tight but doable.

 

[Buttercup84]

You may struggle to get approved for a mortgage on a £20k income unless you have a big deposit (£15-20k) Depends on the house prices in your area really, round here you can get a 3 bed for around £100k but I know that'd just about get you a shed in some places!
Entitlement tables for tax credits are here, looks like you would get something with 1 child and £20k income: https://www.hmrc.gov.uk/taxcredits/people-advise-others/entitlement-tables/index.htm

 

[MrsT&Ben]

You may struggle to get approved for a mortgage on a £20k income unless you have a big deposit (£15-20k) Depends on the house prices in your area really, round here you can get a 3 bed for around £100k but I know that'd just about get you a shed in some places!
Entitlement tables for tax credits are here, looks like you would get something with 1 child and £20k income: https://www.hmrc.gov.uk/taxcredits/people-advise-others/entitlement-tables/index.htm

100k would only just get you a 1 bed flat and even then it would be small around here! I still think it's crazy how much the house prices differ as to where you are in the country!!!