What counts as income for Mortgages ?
Apr 22nd 2005, 11:40 am
#16
Guest
Posts: n/a
Re: What counts as income for Mortgages ?
Originally Posted by Phil-UK
I did notice that credit card bit too, I once entered about $5K for a credit limit on a CC and noticed that the total amount you could borrow on mortgage dropped by about $15K, 3 times the CC limit, ouch !!! How did they work that one out ? In the UK they look at your monthly payment rather than the limit.
I've decided, no CC's for me in OZ, probably safer that way anyway.
Thanks again.
Phil
I've decided, no CC's for me in OZ, probably safer that way anyway.
Thanks again.
Phil
There is a way around that, as long as you don't have a balance that you can't afford to pay off.
Tell the lender that you are closing your credit card. 9 times out of 10 the lender will want you to have one of their credit cards anyway, and that one will not affect the amount they initially lend you
Apr 22nd 2005, 8:31 pm
#17
Forum Regular
Thread Starter
Joined: Nov 2004
Location: Devon, UK
Posts: 198
Re: What counts as income for Mortgages ?
Originally Posted by ABCDiamond
The lender calculates the monthly payment based on the credit limit, in case you decide to use it all.
There is a way around that, as long as you don't have a balance that you can't afford to pay off.
Tell the lender that you are closing your credit card. 9 times out of 10 the lender will want you to have one of their credit cards anyway, and that one will not affect the amount they initially lend you
There is a way around that, as long as you don't have a balance that you can't afford to pay off.
Tell the lender that you are closing your credit card. 9 times out of 10 the lender will want you to have one of their credit cards anyway, and that one will not affect the amount they initially lend you
Thanks again
Phil
Apr 23rd 2005, 7:37 am
#18
home again, home again
Joined: Apr 2003
Location: Notts to Perth, Perth to Notts
Posts: 1,748
Re: What counts as income for Mortgages ?
Originally Posted by Phil-UK
Hi,
But my question is, as we have 3 kids we will qualify for Family Tax Credit, is this taken into account for a mortgage application or does it not count ?
Anyone have experience of this ? It will be in QLD.
Phil
But my question is, as we have 3 kids we will qualify for Family Tax Credit, is this taken into account for a mortgage application or does it not count ?
Anyone have experience of this ? It will be in QLD.
Phil
Go for it - This was in Perth by the way
