Voluntary Child Maintenance Payments

Senior_Paper_Monitor

No great issue - but they will deduct the future payments from your affordability as if they were continuing.

Thrugelmir

DebtFree14 wrote: »

When you say deceiving myself I currently have £2200 disposable after the payments and the guy in the bank said why don't you just give her say two or three years worth out of my deposit. If I pay her two or three years worth of maintenance in advance is that fraud then?? In the end any one can get a house and then a year later say get a loan and have monthly payments to make.

Affordability rules are in place for good reason. People are eternally optimistic about their own finances. Based on short term rather than long term perspectives. Questions such as yours normally arise when people are looking to push the boundaries. Hence why people do need protection from themselves as well as regulating lenders whose interests are more aligned with short term profit making.

DebtFree14_2

Thrugelmir wrote: »

Affordability rules are in place for good reason. People are eternally optimistic about their own finances. Based on short term rather than long term perspectives. Questions such as yours normally arise when people are looking to push the boundaries. Hence why people do need protection from themselves as well as regulating lenders whose interests are more aligned with short term profit making.

Yeah I do see what you are saying. Im not looking to push any boundaries. I simply want a house I see myself living in for a long time rather then a first step on the ladder house. I have just received a promotion at work so will just have to wait a few months for the pay to kick in. The extra money will more then cover the maintenance payments. Ive just seen a house I want and am worried it will be gone. Looks like ill have to take a risk and wait.

Out of interest how long before a promotion at work and increased pay is recognised by most mortgage companies/underwriters?

Senior_Paper_Monitor

There are lenders who will consider the payrise level if it is confirmed in writing by the company and reasonably imminent.

DebtFree14_2

Senior_Paper_Monitor wrote: »

There are lenders who will consider the payrise level if it is confirmed in writing by the company and reasonably imminent.

My pay rise has happened and I am in the military. I just thought they would need to see 3 or 4 payslips with the new amount on. This is great news!! I'll be speaking with them on Monday. Thank you for the info

pollyanna24

DebtFree14 wrote: »

My ex partner has used the maintenance payments but I think it would depend on the age of your child

Thanks for this. My girls are 5 and 3. So does this goes in my favour as you said it depends on the age of the children?