Can someone give me some advice please

CupQuake

Let me start with the background so it gives you some idea.

I'm 42, seperated from my husband, have a 7 year old. My son and I are still in the marital home (husband moved out).
Husband wants to sell the house and I too would like to as I want a fresh start. Living in London.
My salary is quite low, approx. £26000 pa. But I get maintenance payment of £600 from my ex, approx. £200 child/working tax credit and £81 child benefit. So per month approx. £ 2346.
Once the house is sold, I'll probably get approx. £100000 of the equity.
I don't have any family here so can't ask anyone.
My question really is - do you think any bank would consider giving me a mortgage? And how do I go about it?
I'm feeling quite vulnerable and scared and I just don't know how and where to start.
Any advice would be gratefully received.

Crashandburn

Most lenders will be able to use all of your employed income, your child and working tax credits and in some cases, the maintenance money. With regards to the maintenance money, this would be down to how the agreement has been reached. If it is a voluntary arrangement, and some lenders would want to see a history of the payments being made to you. If it is a court order, then lenders would just need to see this in order to include the income.

It may be best to seek advice from a broker as to the maximum amount you can borrow in light of the fact that the income is coming from various different sources. Different lenders have different policies and therefore rather you phoning round every lender to run through the criteria, a broker can do this for you. Initial meetings like this are free of charge.

Good luck

Dave_Ham

Hi there,

Try not to worry, you will get some good information on here.

Essentially, it will depend upon how much your new potential property would be.

Some lenders will accept all of your forms of incomes, others may be more selective and therefore lend less.

Do not get hood winked into seeing one of the Estate Agents brokers though..

All the best

CupQuake

Thank you both for taking the time to reply.

I suppose I have to start looking for a broker then. Will see how that goes. :eek:

Thank you.

Let_Us_See

Even before going to a broker complete some homework and check property prices where you hope to live. The broker can then tell you if you plan is feasible, and if not, what your affordability/borrowing is likely to be.

CupQuake

I have actually looked around; one property that seems to interest me is priced at £225000. Just looking at that figure, would you say I'm being realistic in asking for a loan for about £115000?

CupQuake

Oops! One extra zero!

Dave_Ham

Obtaining that size mortgage is certainly achievable, whether it will be affordable is down to you and the details of your situation...