Can I get a mortgage using child maintenance?

(32 Posts)
jeneregretrien Wed 29-Jan-14 16:14:33

Has anybody had success getting a mortgage when only income is child maintenance? I want to borrow about 50% of value of the house I hope to buy. I have a court order plus 4 years of bank statements showing he pays every month. Any lenders look favourably on this? Thanks so much.

clio51 Wed 29-Jan-14 16:30:13

Not sure, but you could always ring and ask one, they don't all have the same rules so one might say no the other yes.

Is the house in your name only now?

There is always self certified mortgages, but they tend to be higher % my friend did this for couple years till she could show other company's she could pay

Vinomcstephens Thu 30-Jan-14 20:39:43

Some lenders will accept it, some won't. I'm a mortgage adviser at a bank and i would need 3 months bank statements showing the maintenance being credited to your bank account and would use 60% of the total annual amount in my income calculations. All lenders are different so worth shopping about but in essence, yes, you can use the maintenance for a mortgage smile

Vinomcstephens Thu 30-Jan-14 20:40:56

...self certification mortgages are virtually non existent now, and will be gone for good after April so your chances of getting one are almost zero I'm afraid.

applelantern Thu 30-Jan-14 22:06:01

I got a mortgage which included maintenance payments. Some high st banks were shockingly patronising and rude to me, but one mortgage advisor in another high st bank listened to me, looked at my situation and recommendedme for a mortgage. Shop around and you should find something.

MuttonCadet Thu 30-Jan-14 22:09:39

Get yourself a mortgage advisor and let them sort it out.

gigglestar Fri 31-Jan-14 21:25:55

Errr....isn't child maintenance meant to pay for the childs expenses re clothing/food etc?!

Wallison Fri 31-Jan-14 21:26:51

Yes. And I should consider that putting a roof over the child's head counts as a pretty substantial part of the expense of raising them.

gigglestar Fri 31-Jan-14 21:48:26

Putting a roof above a childs head is the PARENTS responsibility-it isn't a childs responsibility to pay for that.

Wallison Fri 31-Jan-14 21:51:48

Not quite sure what your point is. It isn't a child's responsibility to pay for their own food/clothes either, which is why resident parents have maintenance; it is for the child's upkeep. If not to house and keep a child, what on earth do you think that maintenance is for?

financialwizard Fri 31-Jan-14 21:52:30

I am a mortgage broker for a panel of lenders and would struggle to place a mortgage for you if your only income was cm.

Wallison Fri 31-Jan-14 21:54:29

Btw, I can see that you don't like them (perhaps they're a little complex for you), but where should the apostrophe go in the word 'PARENTS'? Only that would give us an idea as to whether you think both parents have a responsibility to house the child, or conversely whether you think that only the resident parent has that responsibility. In which case I wonder what you think they should spend the maintenance money on.

Fairylea Fri 31-Jan-14 21:56:27

Nationwide accepted it for us. I had to provide 6 months of bank statements showing my ex had paid his monthly amount direct into our bank account. We don't have a csa agreement,it's a private one and that was fine.

Ladyfarquhar Fri 31-Jan-14 22:00:14

Wallison hmm

Wallison Fri 31-Jan-14 22:05:18

Am I saying something controversial here?

gigglestar Fri 31-Jan-14 22:13:26

Oh pur.....leeeeeeease! Snob patrol alert! grin

What does it matter where i put my apostrophes?!!! Seriously?!!!

I'm just saying cm is for the CHILD-not extra spending money to indulge the parents wishes. Next OP will be complaining that they can't afford to feed/clothe their child-and blame it all on the nrp.

Wallison Fri 31-Jan-14 22:48:26

It matters because it changes the meaning of what you are saying. From what you have written I genuinely do not know if you think it the parent's responsibility - that is, that the resident parent should pay to house the child at his/her sole expense. Or is it the parents' responsibility - that is, that the non-resident parent should contribute something towards the cost of housing the child.

heliumheart Sat 01-Feb-14 06:57:32

Indulge the parent's whims? What, trying to find somewhere to live is a whim? You are being ridiculous gigglestar. ALL income has to be declared for a mortgage application, the only reason CM might not be accepted is because it might not be considered a reliable source of income.

Wallison grin

OP my friend got a mortgage based on CM, but that was over a year ago and I know that acceptance criteria seems to be tightening up all the time

sharonosaurus Sat 01-Feb-14 07:11:58

Santander will,

I am looking to indulge my wishes buy a home for my DD & I.

MuttonCadet Sat 01-Feb-14 09:50:57

I'm a stepmum, and I even I think that CM should be used for the mortgage and household bills.

mellojello Sat 01-Feb-14 19:35:00

Nationwide do as well,

Noregrets78 Sat 01-Feb-14 22:46:45

Did I miss something? Is having a roof over your heads (including the child) 'indulging parents wishes'?

Ditto to what's been said above - depends on the lender, due to the reliability of the income rather than a moral judgement confused

mellojello Sun 02-Feb-14 09:03:42

Apparently it seems a LP should not want a secure future in living with their DC in an owned property, but to carry on renting hmm

Joy5 Sun 02-Feb-14 16:20:36

If it helps the Nationwide told me they would accept CM as part of the income for a new mortgage.

Didn't offer me a mortgage as i didn't earn enough even inluding my CM unfortunately.

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