Will I get a mortgage?

goodyoga

I'm in the process of divorce and having to sell my house which is in joint names. I put £80,000 into current house and husband put in £40,000. I have a child of 2 years and do not work. I have been advised to get a job for at least 16 hours a week to get a mortgage, Is this Possible?
I will maybe have £150,000 to put into new property. Could anyone
Help I don't know if I'm coming or going, divorce is bad enough without knowing if you will have anywhere to live.

Happy_saver_4

You will have somewhere to live ! There are some very good properties around for £150,000 cash. Just depends where you want/need to live.

With your substantial deposit a mortgage should be obtainable based on your income. I expect others will come along with more specific advice.

If you do manage to obtain a mortgage offer, please ensure you are in a position to make the repayments plus the property overheads and bringing up the family. Do not head into an unmanageable debt; that's a worse position than where you are now.

divadee

Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this thread has been moved to the mortgage board, where it should get more replies. If you have any questions about this policy please email [email="andrea@moneysavingexpert.com"]abuse@moneysavingexpert.com[/email].

dwsjarcmcd

Even if you don't get benefits, maintenance is counted as income, therefore you can get a mortgage. There was a specific mortgage product for people seperating launched by Yorkshire Building Society called Fresh Start, why don't you check out their website, there is also a guide to mortgages and benefits you can download.

herbiesjp

Have you got a court order granting you so much moner per month for a set period of time - if so this will be taken into account by some lenders.

What property prices did you have in mind? Will you definitely be going back to work - as any income from work will be taken into account.

goodyoga

I live in Bounemouth area and prices are steep. I will see a adviser to check out Yorkshire BS. freshstart, thanks. Divorce not yet gone through so no settlement yet reached. But I'm scared, and don't know what to do. thanks for your replies.