Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Memma
    • By Memma 13th Mar 18, 1:41 PM
    • 2Posts
    • 0Thanks
    Memma
    Mortgage not working but benefits and maintenance
    • #1
    • 13th Mar 18, 1:41 PM
    Mortgage not working but benefits and maintenance 13th Mar 18 at 1:41 PM
    Looking for some advice please.

    I'm in the process of separation from my son's dad. We arent married and the house is mine. I'd like to downside but unsure if is get a mortgage as I'm a stay at home mom.
    As of next month I will have the following income:
    600 a month child maintenance
    74 week income support
    20.80 week chilast benefit
    64 week tax credits
    Im 40. I'll have 150k deposit from sale of my house and would like to borrow between 40-50k if possible, but not til July which is when I will sell my house.
    Would I get a mortgage with no job? If so which lender would be most favourable?
    I have good credit rating and no debt other than my existing mortage which would be cleared upon sale of the house.
    Thank you in advance for any guidance
Page 1
    • ACG
    • By ACG 13th Mar 18, 1:48 PM
    • 17,028 Posts
    • 8,916 Thanks
    ACG
    • #2
    • 13th Mar 18, 1:48 PM
    • #2
    • 13th Mar 18, 1:48 PM
    There are a lot of questions that will need answering before being able to give an answer I think.
    It may not be impossible, but it will come down to the age of the child, whether the child maintenance is through CSA or court or a mutual agreement.

    Personally I think it would be a good idea to sit down with a broker as it wont be the easiest of applications to place.
    Last edited by ACG; 13-03-2018 at 1:51 PM.
    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.
    • Memma
    • By Memma 13th Mar 18, 1:52 PM
    • 2 Posts
    • 0 Thanks
    Memma
    • #3
    • 13th Mar 18, 1:52 PM
    • #3
    • 13th Mar 18, 1:52 PM
    Thank you, my son is 2 and the maintenance will be mutully agreed. On son's dad's salary he needs to pay £500 a month if through csa but he had agreed to £600.
    Are there any brokers that don't have a high fee? I've approached a couple and their fee alone is £999 which I think know is high as I'll have to pay a mortgage product fee too.
    • ACG
    • By ACG 13th Mar 18, 2:23 PM
    • 17,028 Posts
    • 8,916 Thanks
    ACG
    • #4
    • 13th Mar 18, 2:23 PM
    • #4
    • 13th Mar 18, 2:23 PM
    There will be brokers with lower fees, but there are also easier cases to place and also larger mortgages (with more commission).

    Dont take this the wrong way but from a business perspective yours is not the easiest or the most lucrative, so brokers probably will need to charge more.

    Our fee would be £750 so slightly less but obviously still on the high side and that is purely because the commission would be low and it is not an easy application to place. Sorry, I meant to add that if you do go with a fee charging broker (there are non fee charging brokers) just ensure any fees are paid on results due to how complex the case is, the last thing you want is to outlay money to find out it can not be done.

    I think you might struggle because it has not gone through the CSA or courts, that is not to say it can not be done, but there is a lot of work involved from a brokers side and it might not result in a Mortgage.
    Last edited by ACG; 13-03-2018 at 3:02 PM.
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,269Posts Today

8,416Users online

Martin's Twitter