Will I Be Able To Get A Morgage?

ehlittleone

Hi

I wonder if anyone can give me any advice please.

Will I be able to get a new mortgage? I have a very small mortgage with Abbey National which is currently being paid by benefits.

I now want to move house and come off benefits and get a larger mortgage however I have no proof of income although it will not be a problem to pay it as my circumstances are about to change.

I have a morgage adviser who has got me a MIP with Kensington but having read a couple of threads on here seem to be best avoided.

Does anyone know if the high street lenders will look at my application?

Thanks

MortgageMamma

Can you give a few more details about your situation

you say you wantt o come off benefits, have you found a job? its very unlikely any mortgage provider will lend to you until you have at least secured employment

how much do you want to borrow?
how much is house worth?
do you have adverse credit?

ehlittleone

Hi

Sorry didn't put in too many details, find it hard discussing my personal stuff. If it helps me though I suppose I have to.

Am trying to get a mortgage for £175,000 with £50,000 deposit. This would leave me with a good amount of cash left over from the sale of my one bedroom flat to pay mortgage and bills for a couple of years if I needed to.

I'm a single mum with 2 year old daughter. Also have a new partner who is planning to move in with me and looking to get a job in about a year when daughter goes to nursery.

I'm desperate to get out of this flat because it is so small and I'm sharing a bed with daughter! Not a good situation really and see this as the only way to sort my life out.

Hope all is clear.

ehlittleone

Sorry also should have said no adverse credit. Have I left anything out?

MortgageMamma

OK, can see what you are saying - if it makes you feel better I share a bed with my 3 year old son every night and I have four bedrooms - dont have a choice if I want sleep

Ok, new partner who is moving in, does he have a job and is he going to be party to the mortgage?

A lender won't let youhave a mortgage based off your savings alone, you would have to find a job, but you might possibly be able to do it on just your partners income

ehlittleone

Oh and I thought bigger house, own bedroom, was the way to get a good nights kip :sad: not likely then?

New partner has a job but I don't really want his name on the mortgage, call me cynical but past experience makes me very wary.

Also thought I'd better just make it clear (if anyone from Benefits Office is reading) I wouldn't be using money from current savings but from equity released on the sale of my flat.

So I'm right in thinking its not looking good if I wanted to do things my way round?

Thank you so much for your advice so far.

MortgageMamma

No Hon its not looking good, but if you did go back to work as a single parent you would get most of your childcare paid for with working tax credits so it might be worth your while

have you been on the online tax credits calculator to see how much you would get?

ehlittleone

Thank you for your help Mamma I am very grateful. I'm one of those Mums who dreads the thought of leaving their child with strangers all day. I've only ever left her with my Mum!

However, I'm going to track down the calculator that you suggest and have a look now. You have at least helped me to look at things from a different starting point.

MortgageMamma

Glad to have been of help

here's an option for you

With my first two children I couldnt bear to be away from them, so I gave up my career for 3 1/2 years and worked from home as a registered childminder, I made about £300 a week net from this. it could be a good option for you, because youhave the equity to be able to self certifiy your income thats one way of getting a mortgage, but your MUST have some form of income

When I had my third I realised I wasnt earning enough to support a big family and came back to work, found a smashing nursery, absolutely brilliant so glad I did it, hard to leave your babies especially if you are a single mum, but the rewards and the independence can do you a lot of good

good luck whatever you do and if you need more help come and find me on the forums.

MortgageMamma

toonfish

tc8764 wrote: »

Try this company.
they are independent and have advisers throught the Uk.They search all of the market and dont charge a fee

were you a parrot in a previous life?

MortgageMamma

Squawk....who's a pretty boy then?