Maintenance being treated as gross income when it is net

Nickib

I have just spent 3 years fighting to keep my home only to now be told by my bank that they will not treat my maintenance as net and so will not give me enough to cover the mortgage on the house. They are insisting that they will treat what I receive as gross even though it is subject to a court order and I do not have to pay tax or NI on it. When I said this was not fair they said that it was the same as they treat people who receive a salary but it isn't. Everyone receives their salary net of tax and NI but the banks still use the gross figure to work out the amount which can be borrowed. Is everyone in receipt of maintenance treated like this or is my bank talking rubbish? I feel as though I am being treated unfairly and can't believe that the banks can get away with penalising people who are in receipt of maintenance.

Nickib

opinions4u

The lender has the final say on what their lending criteria is.

If they don't want to take maintenance in to account at all, they don't have to.

If they only want to take part of it in to account, they can do that too.

Lending to somebody who has a mix of income sources has a higher risk attached to it, so it makes sense for them to take a more cautious approach.

I think they are being more than fair by accepting maintenance as a source of income that they will lend against.

Let_Us_See

I take it your maintenance is court ordered? If so find an independent whole of market mortgage consultant and let them find you a new lender.