Has anyone been given a mortgage on a part time wage and a single mum?

[Myotherhusbandisgaryoldman]

Just this. I'll be a first time buyer with a sizeable deposit. I do have a long term partner but that's another story!
I'll be buying alone, desperately don't want to rent anymore.
Any experiences? X

I did, I was in the same situation as you single parent, worked part time with a sizeable deposit all done and dusted in just over a month, my advice would be to use a broker mine was worth every penny she did all the leg work found a lender told me what paperwork I needed and when and where to sign and all without needing to see anyone. Also you usually can borrow around x4 times what you earn and some lenders take any benefits you are on into account too, just remember to check your credit score because that is big deciding factor for most lenders with anyone in any situation.

@Beefandmixed

What bank did you go with?

Thanks

I did but it was difficult- definitely use a broker! Do you get maintenance or tax credits? I found lots of banks wouldn’t accept both as income, or would only accept a percentage. Halifax were happy to accept all forms of income, including child benefit.

I did have to fudge my childcare costs a bit though!

My daughter just has got a mortgage with nat west. She works three days a week and is a single parent. They took her tax credits into account. Also had a sizable deposit.

Wow everyone. Thanks so much. I do get maintenance and working tax/child credits. Currently working on getting my credit rating up!

I did but it was 10 years ago (times have changed!) it was with Halifax and they took tax credits and child maintenance into account as income. I had 10% deposit.

Yes my friend did a few years ago (3) she had a large deposit and only needed 40k from the bank

Also she went with Halifax

I'm going through the process; I have been told by my IFA that most lenders won't accept maintenance for lending Purposes unless court-appointed &/or in place for at least 6 months.

I'm trying to increase my hours from 0.5 to 0.8 permanently (currently temporary) as well.

I have a pretty reasonable deposit but prices here are expensive.

Good luck!

To those of you saying sizeable deposit, what percentage of the property price was it?

Nationwide accept tax credits and child benefit as income .

Try London and Country they are free and really good.

Mines with Santander and the deposit was roughly 40%

Yes with HSBC.
I know lots of people say use a broker, but it's easy to do yourself and you can end up with better rates.
Mine was Done on an affordability basis.
Essentially the 'Yes' had to come from underwriters rather than in the branch.
By proving I had been paying the mortgage repayment amount as rent for years, o could show i coukd afford it, even though my income was a little too low.
I had a good deposit too.
Maintenance and tc/cb were taken in to account, as was the fact I could increase my hours as kids grow up (and maintenance etc decrease).
Good luck!

This is an interesting thread. I’m a single parent and it has crossed my mind to consider a mortgage. I didn’t think the banks would accept a part time salary.

There are lenders that you can only access through brokers and brokers will have an idea which lender would lend to you rather than you phoning them all up individually.
As mentioned above, affordability will be one of the main points they verify.

This is interesting

@Sortingfinances I noticed recently on my credit score there is a facility to add your monthly rent on there... 'Make Rent Count'.

What time period did your lender ask to see (rent payment wise) and... what was the loan to value amount of the property you're buying?

I currently rent and work part-time so am also interested to know

Zombie thread!
Lenders criteria have changed substantially recently.

I have - I earn quite well though despite being part time and a single mom. Get a mortgage broker. Some mortgage providers will take child maintenance into account.

This is an interesting thread. I’m a single parent and it has crossed my mind to consider a mortgage. I didn’t think the banks would accept a part time salary

Well it depends what that part time salary is. 0.8 x a single professional salary plus a deposit will buy a house in many parts of the country and a single parent in that position would probably be better able to afford a mortgage than the working half of a couple earning the same amount from full time work with a SAH partner as only needing to support the costs of one adult not two.

Obviously it's a different story if you work 16 hours a week in low paid work and a substantial amount of your income comes from benefits and maintenance, rather than wages, but if you meet the affordability criteria, there's no reason to assume that part time working single parent cannot get a mortgage.