AIBU to feel it’s impossible to get a mortgage on my own?

[Supermum29]

Single parent, just me and DD. Currently living back home to save. My earnings aren’t brilliant but not terrible either. I feel like it’s going to be impossible to get a mortgage on my own.

I’m struggling being back home I’ll admit, my mum and I butt heads often and I’m sharing a room with my DD. I feel suffocated to say the least. I’m desperate to move out but want to save for at least a year to get some money behind me and clear some debts left from when I was with DD’s dad (joint debt but that’s a whoooole other post!). I’d prefer to buy than rent again as I feel rent is a bit of a waste when I will never own the property, I’d rather the little money I have go towards something with a reward at the end of it all instead of struggling to line someone else’s pockets. I’d also like the sacrifices we’ve made to move back home to be worth it, I’ve changed jobs, DDs school and moved an hour away, put what little belongings and household things we had in a family members garage!

I’m also concerned that any savings I have for a deposit I obviously need to declare (I get tax credits) and therefore will reduce my payments meaning I have less income, less to save and will likely then have to use my savings to help with childcare etc!

So AIBU to think it will be very difficult to get a mortgage as a single parent? Anyone here have any reassuring stories?

Errrm.

1. She is saving.
2. I said first she needs to clear the debt because it counts against how much she could get.
3. She is working on clearing the debt.

Read the thread again, please.

I think you can have savings in tax credits. It’s income support and housing benefit that are affected.
I’ve recently taken on 100k mortgage on my own, which alongside a decent deposit (30% ish) has got me a lovely home.
I’m in the North though, where it’s cheaper.

I agree shared ownership. You’ve got no chance of buying a place on that salary unless in a very cheap part of the country / south east (big area lol

I earn the same as you and am also a single parent and I managed to get a mortgage and completed on my house yesterday!

I had paid all my debts off, no car finance, no balance on my credit card, no childcare costs and managed to obtain a £116.5k mortgage.

I also opened a help to buy isa and paid into that each month
Where I am, I was unable to take advantage of the help to buy equity loan though as I didn’t earn enough.

Work on paying off all your debts first and keep saving, you will get there.

Read the thread again, please

Read it yourself. You said people in OPs situation get mortgages. They do not, and you know it.

@toomanychilder There is literally a person above your post who did 😂

She just needs to clear up the debt and save. That's what we all said anyway

There literally isn't, since she is not in OP's situation. "Just" needs to clear up the debt and save...as if that is something she can just do easily?

I am a single parent working part time and I got a mortgage. I did have a large deposit though, an excellent credit score and have a secure job. They take tax credits, child benefit and child maintenence into account as earnings, that may push your income up a bit.
It is definitely possible but the bigger the deposit the better.

We are not talking about getting mortgage right now fgs....
She is saving, clearing her debt and after that she can get mortgage on 23k and with child as a single parent.
That was said.

I got a mortgage on my own. Try Nationwide. They took child maintenance and tax credits into account along with my part time wage that is way less than 23k. You can apply in principle, just to see whether they would agree to one. Good luck!

I'm in the same boat I have 2 dependants and I'm trying to save £32k by April (on £28k). My income is less than that with the tax credits, child benefit and child maintenance.
There are free brokers if you look like London and Country or Habito, they will find you the best deals.
But be warned, tax credits do not take into account savings so right now you are fine but when we move over to universal credit starting 2019 it will and I personally won't be entitled to anything. You can search this on Google; entitled to has a postcode checker.

Google for housing associations that have shared ownership schemes near you. Ignore new build stuff which is poor value for money. Save like mad.

Sorry I think it's quite correct that you will lose state support once your savings and assets hit a certain level - but that shouldn't stop you.