A compilation of Mortgage Frequently Asked Questions (Mortgage FAQ’s)…
Can Tax Credits and be used to form part of my income for mortgage purposes?
Yes, many mortgage providers will accept Child and Working Tax credits but it will often depend upon the ages of your children and also whether the Credits make up a large percentage of your overall income
Will CCJ’s, Defaults and late payments impact on my ability to obtain a mortgage?
Yes, but not necessarily leading to a mortgage being an impossibility. Much depends upon how historical the adverse credit history is and the amounts and circumstances. You may not be able to obtain a mortgage without having a reasonable deposit (or equity in your home in the case of a remortgage). A 95% mortgage, would be highly unlikely just as an example, as it would be deemed too high a lending risk.
Can Maintenance payments be taken into account when income is assessed for a mortgage?
Yes, but not with all mortgage providers. It may be that only payments via the CSA or/and by Court order are acceptable but some lenders will look at cases where there is a clear “track record” of payments being received into a bank account
Can a mortgage be in more than 2 names?
Yes this is generally not a problem and 4 names can be acceptable
Will my age impact upon the term of mortgage offered?
Yes, although there is not a standard criteria. Many lenders will look at State Retirement Age as a “cut-off” point, but others will look at going to age 75 depending upon the nature of Occupation and also Pension provision. It may even be possible to take the mortgage term beyond aged 75 if there is convincing evidence that the mortgage payments would remain affordable