We are in a bit of a pickle.
We have been left 65k by my husbands late grandmother and want to buy a house. The house we want to buy is 100K and a 3 bed semi. I have no income as I look after the kids, and my husband has a low income of roughly 700pcm. We get child tax credits of 111 per week and orking tax credits of 40 a week. Which gives us an income of about 1350 pcm. We know alot of lenders wont accept tax credits as income though.
We approached a mortgage advisor and she hasnt been able to get us a mortgage with anyone, they have all come back that our credit scores are too low.
Mine is 614 and my hubbys is 590. I think mine is lack of credit, but my husband has a few old late payment marks on his. There are a few things he is disputing on his too. He has also paid off a flexi-loan he had with HSBC for 1500 but they havent updated his equifax or experian yet. We have no other unpaid debt.
We currently live in a rented council flat and recieve a small amount of housing benefit, we are due to have the inheritance money paid in to our account next friday when we complete on the house that was left to us, and we are really worried that once we have got the money in our bank we are going to lose all of our tax credits etc, and will basically living off of the inhertiance. Which is such a waste, as that will go quickly :-( Is there anything more that we can do to help the situation, and does anyone know at what point you lose your tax credits?
We have been left 65k by my husbands late grandmother and want to buy a house. The house we want to buy is 100K and a 3 bed semi. I have no income as I look after the kids, and my husband has a low income of roughly 700pcm. We get child tax credits of 111 per week and orking tax credits of 40 a week. Which gives us an income of about 1350 pcm. We know alot of lenders wont accept tax credits as income though.
We approached a mortgage advisor and she hasnt been able to get us a mortgage with anyone, they have all come back that our credit scores are too low.
Mine is 614 and my hubbys is 590. I think mine is lack of credit, but my husband has a few old late payment marks on his. There are a few things he is disputing on his too. He has also paid off a flexi-loan he had with HSBC for 1500 but they havent updated his equifax or experian yet. We have no other unpaid debt.
We currently live in a rented council flat and recieve a small amount of housing benefit, we are due to have the inheritance money paid in to our account next friday when we complete on the house that was left to us, and we are really worried that once we have got the money in our bank we are going to lose all of our tax credits etc, and will basically living off of the inhertiance. Which is such a waste, as that will go quickly :-( Is there anything more that we can do to help the situation, and does anyone know at what point you lose your tax credits?