Mortgage lending for lone parents

fannyanna

starsandmoon wrote: »

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.

What you've said is very sensible and should apply to everyone (not just lone parents). My husband and I are currrently looking for a property to purchase and we've decieded what WE can afford and not what the lenders have told us we can afford. We can get a massive mortgage but in our opinion that isn't affordable.

It's all about taking responsibility and not getting into a mess and then trying to blame it all on someone else.

starsandmoon

fannyanna wrote: »

What you've said is very sensible and should apply to everyone (not just lone parents). My husband and I are currrently looking for a property to purchase and we've decieded what WE can afford and not what the lenders have told us we can afford. We can get a massive mortgage but in our opinion that isn't affordable.

It's all about taking responsibility and not getting into a mess and then trying to blame it all on someone else.

When I looked at the new build they suggested I had an interest only mortgage :eek:. I wasnt keen and they really pushed saying how wages go up etc. Well mine have gone down. Since I took the mortgage on my money has dropped by £200 a month. Im so glad I saw sense and bought the cheaper house as I can pay it ok and its cheaper than the private rents round here.

If I had bough the new build I would be in negative equity and really skint whereas now Im not in negative equity and I know I can pay the bills and still have a life.

My ex is going to start paying me money again in April but I try not to rely on it too much as he loses jobs by the minute. I tend to use it to top up my gas/elec meters and save the rest for bills/car expenses. I look on any money off him as a bonus. I could never rely on it like my wages, carnt even rely on him for childcare when hes not in work but thats a different story and not relevant.