remortging on working/child tax credits?

[vicky764]

Hi

 

 

I have a mortgage I have had for 7 years. I am on a SVR rate of 4% and am concerned that the bank of England base rate will soon rise thus increasing my payments so want to get into a fixed deal.

 

 

I work and earn around 10k plus I receive working/child tax credits of £680 a month and DLA for my disabled daughter (only year left on this award though so doubtful they will take this into account) I also receive the standard child benefit and £100 a month maintenance which I can prove.

 

 

I need to borrow 130k although my property is worth about 185k.

 

 

Does anyone know if this is possible and if banks will take these kinds of benefits into consideration?

 

 

I have a good credit report and have never defaulted on a mortgage payment in 7 years.

 

 

Any advice would be great

 

 

Thanks

[theoldrouge]

if they take everything into account, I doubt you would be able to borrow much more than £85000, in the current climate

[vicky764]

Thanks for the reply

It seems crazy as I've been paying the mortgage for years in my current situation and haven't asked to borrow more plus I have good equity.

 

 

I feel quite stuck. Ideally I need to move to a ground floor property as my daughter is disabled but that's not possible. sometimes makes me feel as though I would be better off on full benefits and given a council property, which would be ground floor for this reason.

 

 

I'm wondering whether I would qualify for any of the government schemes but looking at them, I don't think I am.

 

 

Thanks anyway