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Buying a new house?

LynAnne

Mum to 2 Boys
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DH and I are looking to buy a new house in the coming months but I'm really anxious about getting a mortgage. We currently own our 2 bed flat but our situation has changed a lot since DH got the mortgage for this place. Firstly, it's only in DH's name as we weren't married at the time although I've lived with him the entire time. We now have two sons and I am currently a SAHM but plan on getting back into the workplace once the boys are in nursery/school. DH has a decent (not fantastic) wage and therefore we get Child Tax credits. Now that we have the boys we've simply outgrown our flat and really want somewhere with a garden that they and the dog can play in.

What are the chances of us getting a joint mortgage with me essentially being on tax credits and unemployed? I know that some lenders will accept tax credits as income but I'm worried that because I'm not working they will be funny about giving us a joint mortgage or will only agree to a really small amount that won't let us buy a house. I've never had a credit card or taken out loans (beside my student loan) so I don't have a credit score.

We've got a meeting with our current lender on Saturday but the anxiety of it is killing me. Any advice?
 
Mortgage approval will be based on your join income and both of your credit reports. You can see a mortgage advisor who will be able to tell you what you may be looking at without applying yet ... I did this. Obviously until the mortgage is applied for you won't have a guaranteed mortgage <3
 
I’m pretty sure you can still be on the mortgage deed when your a SAHM . After all it’s going to be a joint purchase between you both .

Our mortgage lender took tax credit and child benefit as part of our yearly income . We just had to provide them with a copy of the award notices .

Wondering what your current lender advised ?
 
Turns out we can be lent more if we got a mortgage in just Dh's name so we will probably go down that route when the time comes. Unfortunately it's not as much as we had hoped for so we are having to reassess a bit and will have to hope that our flat sells for more than we think it will so we can have an even bigger deposit!
 
Least you now know were you stand with everything . Mortgages are a bit of a minefield ! Good luck selling your flat !
 
Wow I thought it was about income.

I'd be weary of not having any rights from the get go. It doesn't matter how solid you are I would make sure you discuss with your solicitor how to have equal share in the house. You never know. Sorry to throw in a negative but ....
 
Me too. It doesn't make sense to me that we can get a larger mortgage if I am considered a dependant. I understand that tax credits aren't a proper income but it's only for while my boys are little and then I plan on getting a part time job that will at least pay the equivalent! (Actually looking at setting up my own small business but that's a work in progress and another thing entirely). I suppose as they are benefits they arent seen as secure and open to change - but isn't a job? It is what it is I guess.

From what I know, as we are married, I can be put on the title deeds as an owner even if I'm not on the mortgage which I think gives me rights to the house but it is somethino I'll definitely be asking about. DH and I are solid and I'm sure that if things were to go south we would be fair in terms of finances and the house but you're right. It is better to be safe and have those discussions and find out my legal rights.
 
Definitely and neither of you should have a problem with it. My solicitor gave me some seriously strong advice and examples.

Good luck getting to where you want to be. It's such BS the way they work things if you are already on the market or not. I shared something on FB the other days and it's so guttingly true!

Young couple go to bank to get mortgage for house, refused because they don't earn enough.

House is sold to private landlord.

Private landlord rents house to the young couple for more per month than the mortgage that they were told they couldn't afford.

People also consider/sell there houses to get a bigger home for their needs because the mortgage offer isn't enough, because they say so....
 

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