Mortgages using Maintenance as income?

suekjw

I'm currently divorcing my husband and our 2 children (10 and 8) are living with myself in the former marital home. He is in a position that he can pay the mortgage payments and pay child maintenance but I would prefer to sell this property and have something smaller in my own name.

Are there any lenders that will still use Maintenance payments as income? I 'think' I would be looking at a mortgage of around £60,000 on a £160,000 property.

Dave_Ham

Yes there are, although it either needs to be court ordered or to be demonstrated consistently over 3, 6 or 12 months and is dependent upon lender...

HappyMJ

Yes, as above they probably won't just do a simple income multiple they would do a full affordability calculation taking into account all your income including child benefits, any potential working and child tax credits and child maintenance then deduct an amount similar to a family living solely on benefits then the remainder can be used for mortgage repayments. They'll then do a calculation to see how much can be spent on a mortgage and offer you that amount.

suekjw

Thanks both of you. Which lenders should I be talking to please? We are mid Divorce and whilst I am getting CM (no issues there) I think I should be able to get spousal maintanence too if we sell. Thanks again.

Dave_Ham

Hard to say as dependent upon the nitty gritty details.

Suggest you speak to a broker or your bank but do not let anyone credit score you until you know they accept the income method...