Borrowing questions

scottishrose

Hi,

I'm starting over after divorce

I have a few questions and I'm hoping someone might be able to either answer them or point me in the direction of where to ask.

1. Is child maintenance taken into consideration as income? If so, for mortgage calculators do I just include this as part of my income, or is there a more sophisticated calculator I can use?

2. Does the size deposit effect how much you can borrow? (I know it effects the rate at which you can borrow).

3. How does a guarantor work - does this effect the amount you can borrow/rate?

Thanks.

Thrugelmir

The maintenance can be taken into account. However the fact that your have dependent(s) to support will impact the amount you can borrow.

Income is the basis of a mortgage offer, i.e. affordability.

Guarantors are used to underwrite weak applications , no enhance mortgage offers.

scottishrose

Thanks Thrugelmir.

Wh05apk

Maintenance depends on the lender, some will insist it is by court order or CSA, others just need to see it has been paid regularly for a set period, so all depends on the amount of your income/maintenance/tax credits etc