Post separation, low income, mortgage advice

Simon2

Hello Everyone,

I'm hoping to receive some advice for my current circumstances.

I am recently separated and in financial mediation and expect to receive at least half of the proceeds of the family home. This gives me a good deposit. However, my current employment is based on a short term contract with only a few months left with a possible extension of just over a year forthcoming but not guaranteed. (I gave up work for several years to bring up my children so I'm still finding my feet in the job market)

The location I live (close to the children) is expensive and even with a good deposit I will need a mortgage to afford a place big enough for the children.

I expect to receive up to approximately £250,000 remortgaging the family home and will need at least £100,000 to £150,000 to afford a new home. My current contract expires in July and I am waiting to hear about an extension in the next month. My current salary is £22,000. If I look for jobs elsewhere then I am realistically looking at an increase to about £26,000. I have good credit rating and no outstanding debts.

What is the independent mortgage advice I am likely to receive based upon the situation as it stands at the moment.

Many thanks for all your help

amnblog

Without understanding your situation no-one can second guess the advice you will receive.

Affordability does appear to be tight and not having a permanent contract with also be an issue.

A broker needs to explore your situation in detail before advising you.