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  • FIRST POST
    Munchkin78
    Can part-time single parents get mortgages?
    • #1
    • 29th Jun 07, 6:37 PM
    Can part-time single parents get mortgages? 29th Jun 07 at 6:37 PM
    Hi I'm trying to find some information on the best way to buy a house. I'm a single mum working part-time and currently have no deposit saved for a house, yet I earn enough each month to happily cover a £800 rent which happens to be the total cost of someone elses mortgage! So what are the chances of someone like me getting 100% mortgage so I can put this £800 each month into better use! Any thoughts or ideas would be appreciated!
Page 1
  • dmg24
    • #2
    • 29th Jun 07, 6:43 PM
    • #2
    • 29th Jun 07, 6:43 PM
    Hi Munchkin,

    Welcome to MSE!

    Could I ask how much you earn? This would be a key factor in getting a mortgage x
    • BettiePage
    • By BettiePage 29th Jun 07, 6:48 PM
    • 4,428 Posts
    • 9,432 Thanks
    BettiePage
    • #3
    • 29th Jun 07, 6:48 PM
    • #3
    • 29th Jun 07, 6:48 PM
    Is this a wind up?
    Illegitimi non carborundum.
  • Munchkin78
    • #4
    • 29th Jun 07, 6:58 PM
    • #4
    • 29th Jun 07, 6:58 PM
    Hiya no this isn't a wind-up. I'm new to all this single parent (am currently separating from partner) and mortgage stuff so I just want to know where to start.

    I earn 11,500k, another question is if having a mortgage would effect me getting Working Tax credits and Child Tax credits, I'm about to apply for both these next month.. (or should that topic go under a different part of the forum?)
  • Munchkin78
    • #5
    • 29th Jun 07, 7:06 PM
    • #5
    • 29th Jun 07, 7:06 PM
    sorry forgot to mention, also getting £450 child maintenance from ex and according to www.entitledto.co.uk I would get approx £6400 for WTC and CTC...
    • BettiePage
    • By BettiePage 29th Jun 07, 7:15 PM
    • 4,428 Posts
    • 9,432 Thanks
    BettiePage
    • #6
    • 29th Jun 07, 7:15 PM
    • #6
    • 29th Jun 07, 7:15 PM
    What is the average price of a property around your way? Would you end up with a 15x mortgage?
    Illegitimi non carborundum.
  • Munchkin78
    • #7
    • 29th Jun 07, 7:28 PM
    • #7
    • 29th Jun 07, 7:28 PM
    150,000 to 160,000 for a 1 bedroom place but I am willing to look further afield to make the £'s stretch more.

    Don't worry mrstinchcombe I've been in this country for over 6 years working since the day I arrived on a 30k wage and paying ludicrous amounts of tax, I see it as getting some of it back :rolleyes: ...and I feel I can live with myself getting a few benefits as I'm not looking to get job allowance or income support (I would rather choke than not work). But I also gotta look after a 12 month old and I feel i can't put him into full-time care just yet.

    Anyway! I digress.. is getting a mortgage when I'm only a part-timer realistic in my circumstances?
    • BettiePage
    • By BettiePage 29th Jun 07, 7:31 PM
    • 4,428 Posts
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    BettiePage
    • #8
    • 29th Jun 07, 7:31 PM
    • #8
    • 29th Jun 07, 7:31 PM
    A 100% 15x mortgage? Pretty slim chance of that I'd say.
    Illegitimi non carborundum.
  • Munchkin78
    • #9
    • 29th Jun 07, 7:47 PM
    • #9
    • 29th Jun 07, 7:47 PM
    Does anyone know much about shared ownership? Buying with a housing association where you pay part mortgage and part rent. I'm just throwing ideas in the air for all I know I could be pushing wet string up a hill but I'm just seeing what the possibilities are.
    • Graham_Devon
    • By Graham_Devon 29th Jun 07, 7:50 PM
    • 52,560 Posts
    • 112,314 Thanks
    Graham_Devon
    With £11,500 a year, you'd be lucky to get a 46k mortgage. This is not taking into account any debts, or regular outgoings you have.
    • Prudent
    • By Prudent 29th Jun 07, 7:53 PM
    • 11,097 Posts
    • 46,086 Thanks
    Prudent
    To encourage you, I got one and on a temporary contract too. The key differences being that I was earning £27K and only wanted to borrow £28.5K and I put down a £40K deposit on a house costing £68.5K. Glad I did as house now worth £130,000 and mortgage paid off
  • Munchkin78
    Siiigghhh, so the option for me would be get back into full-time work earning 30k a year and then I'd have a chance of 100% mortgage? I've got debts of £1000 on my credit card and my outgoings are typical living: food, rent, and ***@@## childcare costs! grrrr! house buying isn't child-friendly!!
  • wecanhelpu
    house buying isn't child-friendly!!
    Originally posted by Munchkin78
    at the moment, it ain't purse friendly either
  • nethesi
    Firstly, I really admire your attempts to keep yourself together. Here is someone in a sad situation (relationship break-up), working (not sitting around) and bringing up a small child - personally I can't think many better uses of "my" taxes than to support someone in this situation, and enable them to give their child a good start.
    Good for you.

    Secondly I do think you would have trouble getting a mortgage of a sufficient size to cover buying a house in most areas. Without prying into your personal background,it sounds like you are at least on speaking terms with your child's father, did you have joint ownership of a home and now entitled to a 50% share of the equity? Or perhaps he would be willing to advance a number of months of the child support he would be giving you as a deposit (if house prices are low in your area this might help, otherwise it'd be a drop in the ocean). Otherwise you're stuck with renting. It depends a lot on your council but try applying for a council flat, where the rent will be much lower and you will be able to afford to save if you're careful while working part time and still spending some time with the little un (I agree that 12 months is an age when you don't want to leave them). Another option is shared ownership, again contact your council.

    Personally I would put ideas of mortgaging yourself to the hilt on hold for a while and try to keep to the important things in life!



    • itzmee
    • By itzmee 30th Jun 07, 1:13 PM
    • 351 Posts
    • 455 Thanks
    itzmee
    Personally I think you have no chance - you would not fit the standard criteria for most lenders.
  • ss1973
    OK I never make negative comment on this forum but I am disgusted at some people's attitudes! To all you doubting Thomas' out there, I am a single parent earning 13k a year and I currently have an 85k mortgage. What's the problem with you people? This poor woman's partner has left her - in the lurch with a baby. Have a bit of compassion! Put yourself in her position... would you like people being so nasty to you over a public forum - NO!

    So Munchkin 78 - find yourself a GOOD financial advisor. Ask around and get someone recommended to you. You'll need to self certify yourself for the other incomes you get i.e WTC/CTC and maintenance. If you don't have any debt problems then you will still pay a slightly higher interest rate than the normal bod on the street but it'll still be less than £800 a month on rent. Keep your chin up. You can do this I didn't think I could but I have, and me and my DD are doing just fine without him!
    • keeperbear
    • By keeperbear 1st Jul 07, 10:57 AM
    • 295 Posts
    • 196 Thanks
    keeperbear
    What's the problem with you people? This poor woman's partner has left her - in the lurch with a baby. Have a bit of compassion! Put yourself in her position
    Originally posted by ss1973
    I think many comments were from childless FTBers in full time employment that can't afford a property.
    • kingkano
    • By kingkano 1st Jul 07, 11:36 AM
    • 1,919 Posts
    • 841 Thanks
    kingkano
    OK I never make negative comment on this forum but I am disgusted at some people's attitudes! To all you doubting Thomas' out there, I am a single parent earning 13k a year and I currently have an 85k mortgage. What's the problem with you people? This poor woman's partner has left her - in the lurch with a baby. Have a bit of compassion! Put yourself in her position... would you like people being so nasty to you over a public forum - NO!

    So Munchkin 78 - find yourself a GOOD financial advisor. Ask around and get someone recommended to you. You'll need to self certify yourself for the other incomes you get i.e WTC/CTC and maintenance. If you don't have any debt problems then you will still pay a slightly higher interest rate than the normal bod on the street but it'll still be less than £800 a month on rent. Keep your chin up. You can do this I didn't think I could but I have, and me and my DD are doing just fine without him!
    Originally posted by ss1973
    Perhaps some of the posts are insensitive. But I think your comparing apples with oranges. Getting 85 on 13k salary is a bit different to asking can I get 150k on 11.5k salary!! To be fair this has been fleshed out a bit more now though....

    I also estimate 150k @ 6% Interest Only is £750pm, at 6.5% its £812pm. So 'less than £800 a month rent' is perhaps a stretch, especially when taking into account the added costs of home ownership opposed to renting.

    Id advise the OP to take a good look at their finances first, get everything down on paper, then maybe consult a professional about their circumstances. Sometimes a forum isnt the right place to ask
  • nuala
    Hi

    I would like to find info about buying my partner out. THe trouble is I only working part time and just about to start a new job and have two young children. Do you know where I could get advice form?? First time I have used this so very sorry if I have wrote this in the wrong place.
    • silvercar
    • By silvercar 1st Sep 08, 7:59 PM
    • 34,054 Posts
    • 142,361 Thanks
    silvercar
    Hi I'm trying to find some information on the best way to buy a house. I'm a single mum working part-time and currently have no deposit saved for a house, yet I earn enough each month to happily cover a £800 rent which happens to be the total cost of someone elses mortgage! So what are the chances of someone like me getting 100% mortgage so I can put this £800 each month into better use! Any thoughts or ideas would be appreciated!
    Originally posted by Munchkin78
    There are no 100% mortgages available at the moment, whether you are working full time or not, whether you have a partner or not. In a falling market it would be too risky to buy on a 100% mortgage anyway.

    Your rent may cover someone else's mortgage, but you haven't allowed for the maintenance, repairs, improvements, insurance costs of home owning.

    Paying £800 on an interest only mortgage would be no better use than renting, you would be renting off the bank with no equity in the property and probably buying a depreciating asset.

    Best idea would be to continue renting until your little one is at school.
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