We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage based on maintenance payments
Mortgagee
Posts: 1 Newbie
I have been divorced for nearly 4 years now and my ex-husband has always paid maintenance for myself and the children. Last year I moved house and obtained a mortgage in my sole name based purely on maintenance payments. I am now looking to move again to more expensive house and would also like to reduce my borrowing using savings. I have been told that I cannot transfer my existing Nationwide mortgage (and reduce their lending but increase the equity) because their lending criteria has changed. A mortgage broker has advised that I will be unable to obtain a mortgage elsewhere without buying a house with a third party with "earned" income. I cant believe Im the only person to be in this situation. I have no other debts. Any advice/thoughts?
0
Comments
-
Yes...don't move. Sorry not very good advice is it..maybe try another broker...get a job or get a new partner who has a job (easier said than done). To get a mortgage these days they pretty much require you to have a job. You can then use the maintenance payments for the childrens expenses and your income can be used to support the mortgage.I have been divorced for nearly 4 years now and my ex-husband has always paid maintenance for myself and the children. Last year I moved house and obtained a mortgage in my sole name based purely on maintenance payments. I am now looking to move again to more expensive house and would also like to reduce my borrowing using savings. I have been told that I cannot transfer my existing Nationwide mortgage (and reduce their lending but increase the equity) because their lending criteria has changed. A mortgage broker has advised that I will be unable to obtain a mortgage elsewhere without buying a house with a third party with "earned" income. I cant believe Im the only person to be in this situation. I have no other debts. Any advice/thoughts?:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
If the income is court ordered or through the CSA then you may have a chance - but it will still be difficult.
Most lenders require there to be an element of earned income.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
And when the children have grown up and maintenance is no longer payable? What then.
If you've the money available to move house. Start by paying down the current mortgage and building equity.0 -
Don't tell you're ex, I'd be absolutely livid if I was paying maintenance for someone to be upgrading house all the time!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards