Are social welfare payments counted as earnings

Y

Yvee

Guest
Would the money i receive from social welfare count as earnings for a joint motgage - my partner works and i receive a back to education allowance?
 
I'm not sure actually.

It really depends on the "affordability" index of your salary in relation to your mortgage.

I'd get some professional advice on this one.......
 
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What about childrens allowance? $ kids is worth what, 600 a month of allowances???

Or in general what is consequence of kids? Do they lower how much a bank will give you, bearing in mind how much they cost!!!!
 
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Usually banks wont take any income from welfare, childrens allowance, maintenance etc into consideration. they will however take maintenance payments into consideration if it is outgoing....

Depending on the lender I think they usually assume a certain amount of your disposable income is used up towards each child each month and therefore cannot be used towards a mortgage repayment. I'm sure this differs from lender to lender though...
 
Re: ..

We were advised not to mention any children when applying for our mortgage.

Having a child/children does bring your affordability down.

AFAIK, banks do not consider child maintenance as an income source when considering you for a mortgage, spousal maintenance on the other hand can be considered.
 
Re: ..

what about long term disability allowance, is that considered income with an additional blind supplement allowance?

With both combined we bring in 28000 a year. What kind of mortgage will that get us. Thats net by the way.
 
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