getting a mortgage after being bought out with potential benefits

ScottishMoney1

hi

so long story short my wife and I have recently separated. she is buying me out of my split of the mortgage and earns significantly more money than me. I will be living with my parents. we have 2 young kids (4 and 8 months) and if I can get a place of my own after the buyout happens early next year we will be splitting the kids time 50/50 with us both. because of my income i will be in reciept of benefits when I can find my own place. as of right now I just have a rough idea of what benefits I would be entitled to when I have my own place to live. as of right now I get no benefits and wouldnt (I dont think) because I am living with my parents. is it possible to get a mortgage with potential benefits considered by a mortgage lender? I cant find any information about this kind of situation at all online. I did think about renting for a while to get the benefits I would be entitled to so then I could get a mortgage with a clear picture of my income, but due to having a large chunk of money £80k-90k in my bank account after the buyout I am unsure if I would even get any benefits because I would have significant savings. any help would be much appreciated as I don't even know where to start.

poseidon1

ScottishMoney1 said:

hi

so long story short my wife and I have recently separated. she is buying me out of my split of the mortgage and earns significantly more money than me. I will be living with my parents. we have 2 young kids (4 and 8 months) and if I can get a place of my own after the buyout happens early next year we will be splitting the kids time 50/50 with us both. because of my income i will be in reciept of benefits when I can find my own place. as of right now I just have a rough idea of what benefits I would be entitled to when I have my own place to live. as of right now I get no benefits and wouldnt (I dont think) because I am living with my parents. is it possible to get a mortgage with potential benefits considered by a mortgage lender? I cant find any information about this kind of situation at all online. I did think about renting for a while to get the benefits I would be entitled to so then I could get a mortgage with a clear picture of my income, but due to having a large chunk of money £80k-90k in my bank account after the buyout I am unsure if I would even get any benefits because I would have significant savings. any help would be much appreciated as I don't even know where to start.

Evidently you did not look hard enough for information - 

https://www.themortgagehut.co.uk/mortgage-on-benefits

My reading of the above is benefits can be considered for the purposes of determining mortgage affordability, but it cannot be sole income source - seems you need some other primary source ( eg employment) together with top up benefits.

Your challenge however, is if you manage to get benefits ( prior to the equity buyout completing) how do you the continue to qualify for benefits with £80k in your back pocket?

ACG

I dont think you will get a mainstream mortgage to consider future benefit income... I could be wrong though. 
There will probably be some smaller lenders who will consider it.