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Child Maintenance Limit?
DPDRC90
Posts: 29 Forumite
Hi,
Is there a cap/limit on how much child maintenance a lender would accept?
A friend of mine is looking to buy her own place with her two children since separating with her ex and a good portion of her income comes from the ex paying child maintenance. Before she thinks too much into this idea, I'm just curious if there is a limit on how much child maintenance a lender would accept or if there are any rules other than the contract agreement and monthly statements showing the payment.
Any information appreciated so I can pass it on.
Is there a cap/limit on how much child maintenance a lender would accept?
A friend of mine is looking to buy her own place with her two children since separating with her ex and a good portion of her income comes from the ex paying child maintenance. Before she thinks too much into this idea, I'm just curious if there is a limit on how much child maintenance a lender would accept or if there are any rules other than the contract agreement and monthly statements showing the payment.
Any information appreciated so I can pass it on.
0
Comments
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A general rule of thumb would be that lenders don't like to use un-earned income that exceeds 50% of earned income. e.g. if a salary was £10k then more than £5k would start to be problematic.I am a Mortgage Adviser.
You 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 -
Nationwide would be a good option. They will accept 75% that is income from maintenance, tax credits, child benefit but would need at least 25% earned income.I am a Mortgage & Protection Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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