Mortgage lending for lone parents

poppy10_2

Ann5028 wrote: »

I am a lone parent and took out a mortgage six months after separation.

I AM REALLY ANGRY THAT I WAS ALLOWED TO TAKE OUT SUCH A LARGE MORTGAGE THAT IS DEPENDENT ON A FACTOR WHICH IS OUT OF MY CONTROL.

Tosay I smashed myself in the face with a frying pan.

I AM REALLY ANGRY THAT I WAS ALLOWED TO SMASH MYSELF IN THE FACE WITH A FRYING PAN.

Can I get compensation?

January20

Let's be a bit nicer here please! I remember when I first split up from my husband how emotionally damaged I was, and consequently how vulnerable I was. I think of the decisions I made then and shake my head in disbelief sometimes! Fortunately for me, my biggest mistake was to pay a £250 car repair bill that was in his name (money I could ill afford at the time), as I thought because the garage had given it to me I was responsible (I now know - thanks to this site that it wasn't the case) so could posters please stop having a go at the OP? I'm sure she is quite aware of the mistakes she made and she just wants some help!

OP, the advice you were given of going over to the dfw board is a brilliant one and you should do it. It's very difficult to give you any constructive advice when you don't say how old your children are ie can you work/ do you work? What your support network is, what the repayments are on your mortgage, what monies you have coming in and out, etc.

As for the "professionals" who agreed to take your maintenance into account when getting you a mortgage! Really! I didn't even think it was allowed to take those payments into consideration! My bank certainly didn't allow me to and were very thorough in their checking of my income and any debt I had at the time.

Little_Ole_Me

How nice that someone comes on here asking for advice, and most people just comment to say 'It's your own fault' like they have never made a bad descision, especially when vunerable, in their lives...Pah!

Lotus-eater

Little_Ole_Me wrote: »

How nice that someone comes on here asking for advice, and most people just comment to say 'It's your own fault' like they have never made a bad descision, especially when vunerable, in their lives...Pah!

Maybe if that someone came on here saying, I made a mistake and I need advice, it would be better than, it wasn't my fault and I'm really angry about these people lending me this money, when I couldn't pay it back with reliability.

*max*

It just seems really odd to take on a massive loan (mortgage) on the strength of the funds coming from an ex-partner - who has zero interest in the property. Massive (naive?) gamble on an ex being reliable here!

Derivative

poppy10 wrote: »

Tosay I smashed myself in the face with a frying pan.

I AM REALLY ANGRY THAT I WAS ALLOWED TO SMASH MYSELF IN THE FACE WITH A FRYING PAN.

Can I get compensation?

This morning I stabbed my brother sixteen times in the face with a knife.

I AM REALLY ANGRY THAT I WAS ALLOWED TO DISFIGURE MY FAMILY IN THIS WAY.

Will I be prosecuted?

Bubby

OP - Was your maintenance paid through a legally binding consent order? If so your ex will have to go through court before he just reduces your money irrespective of the fact that he is made redundant. There is nothing you can do to rectify the situation now but if you get over to the debt free wannabe board they will help you to minimise your expenditure and therefore minimise the impact his maintenance going will have on you. Don't forget if you are not working you will be entitled to some benefots and if you are working then you may be entitled to extra help as your income decreases.

starsandmoon

Seems to be some rather harsh replies here. I too am a lone parent with a mortgage I took out 2 years ago. My income comes from 2 part time jobs, tax credits and maintainence. Most mortgage lenders take maintainence (sp?) into account but not tax credits which I thought strange as tax credits are more likely to be continuous (unless circumstances change) than maintainence.

My ex can not hold down a job and has lost 2 in the 4 years we have been apart so I could never rely on this money for mortgage payments. I took out an insurance policy for redundancy which pays the mortgage for a year, this costs about £15 a month and as I work for local authority I feel more secure having this in place.

The problem the op had was the lender may have encouraged them to take the maintainence into account. You also have to consider that most mortgages are over 25 years whereas maintainence will stop once a child is 18.

I could have bought the new build £150k I lusted at and "wanted" but instead bought the £64k terrace I "needed" with a 20% deposit and now have a small manageable mortgage and seeing as I have had a pay freeze, pay cut and no money off the ex for 6 months (he has a job now and is paying again starting April) Im glad I didnt stretch myself.

So no advice really and a bit of a ramble but lenders do take maintainence into account in working out what mortgage you can have.

19lottie82

Can you not downsize?

Jvic28

I don't think I have any advice you'd want to hear really. Not sure what your income is but I think it's worth you posting an SOA to see if you can make allowances for losing his maintenance. Please do it if you want some useful advice.

Also, may be worth considering moving to a cheaper property. You may not want to but we all have to do things we don't want to do to get by.

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