Is this considered an outgoing ?

Ceeen

Hi all. First post on here (first of many, I hope), so I hope you can help me:

I`m looking to re-mortgage, but before I speak to any lenders, I would like to know if C.S.A. (Child Support Agency) payments to my ex-wife are considered as an outgoing, in the same way that loans or credit cards are, for the purposes of obtaining a re-mortgage.

(By the way, it`s not because I wouldn`t pay for my kids, either, that I`m paying CSA; it`s because it helped my ex-wife get a mortgage, as the lender apparently considered this is a permanent income, according to my ex. Just thought you should know that I`m NOT someone that won`t pay for his own kids )

Anyway, any help/advice on this point would be greatly appreciated.

Thanks in anticipation......................

Ceeen

Anybody ?

(Pretty please )

Poppy9

Ceeen wrote:

I`m looking to re-mortgage, but before I speak to any lenders, I would like to know if C.S.A. (Child Support Agency) payments to my ex-wife are considered as an outgoing, in the same way that loans or credit cards are, for the purposes of obtaining a re-mortgage.

(By the way, I`m not paying CSA because I wouldn`t pay for my kids, either; it`s because it helped my ex-wife get a mortgage, as the lender apparently considered this is a permanent income, according to my ex. Just thought you should know that I`m not someone that won`t pay for his own kids )

Welcome to MSE. Sorry I'm confused though are you paying CSA or not?

Ceeen

Poppy9, firstly, thanks for your reply.

And apologies for the confusion mate, YES, I am paying CSA for a few years yet, so I wondered if it`s considered as a "committment", when the lender reckons up as to whether you can afford their mortgage, or not.

Ceeen

Obviously some financial wizards on here; someone must have an idea on this, surely ?

(Sorry for my annoying impatience on this, it`s just in my nature, y`know )

silvercar

I would guess that any commitment is an outgoing, so that would include CSA payments. SUrely if she can count it as income you can't count that money as well.

Ceeen

silvercar wrote:

I would guess that any commitment is an outgoing, so that would include CSA payments. SUrely if she can count it as income you can't count that money as well.

Thanks for the reply mate.

The two don`t really relate any more, as far as I`m aware, as the ex would still get paid by the CSA, even if I didn`t pay them (which I do.)

They`d just take me to Court if I didn`t.

I believe, that on the application forms, the lender only asks you about credit, or other loans, but if there was ANY chance that I would have to declare the CSA payments as a committment, then I would, as I`m not really into submitting bogus claims, in writing, about my financial situation.

A quick way to end up in jail, I think....................:D

Poppy9

I would say no but the best way to find out is to go into a bank or BS and ask them how much of a mortgage they will give you. They will go through your incoming and outgoings and then give you a decision on how much they would be prepared to lend you.

My reason for saying no is that when you apply for a mortgage normally they are only interested in your salary and any other loans you may have. They only really want to know about other loans to see if they can get you to add them onto your new mortgage!!