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Getting a mortgage as a single parent

Single parent mortgages
April 4, 2017 Help to Buy / Mortgage / Right to Buy

Managing day to day life as a single parent often involves balancing work and home, getting the kids to school, making their meals and staying on top of the chores, which can be difficult. Getting a mortgage by yourself may also not be easy, but it’s certainly not impossible when you take our advice!

Use your benefits to your advantage

Being a lone parent often means your income is low, which can have a significant impact on the amount mortgage lenders are prepared to let you borrow. You need to demonstrate that you are able to keep up your mortgage repayments and your benefits can help you with this.

Child Benefit, Tax Credits and Maintenance Fees, will all be taken into account by the lender when they calculate the amount they will allow you to borrow – Make sure you keep proof of these payments in a safe place, as the lender will need to see these!

Consider Government initiatives

There are a number of Government initiatives available to help people who are struggling to buy a home get on the property ladder:

Shared Ownership: Part of the Help to Buy scheme and enables you to buy a share (between 25% and 75%) of a new or existing property.

Right to Buy: If you have been living in social housing for more than 3 years, then you could be eligible to buy your home at a discounted price from your local council.

Bank of Mum and Dad

If you are struggling to raise a large enough deposit, a close family member may be able to help you:

Guarantor mortgages: A parent or close family member guarantees either a proportion or the entire mortgage debt and are ultimately liable for any repayments that are missed. Your Guarantor will however need to be able to either cover their mortgage and their agreed share of yours or have the majority of their mortgage paid off, and have a good few years left in employment ahead of them.

Family Springboard mortgages: A more popular option that enables a member of your family to provide 10% of the purchase price as security. If you keep up your repayments, they will receive their money back with interest.

Get specialist advice

As award winning mortgage advisors, we can talk you through all your available options and tell you how much you can afford to borrow at no cost or obligation to you, so get in touch!

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    2 Comments

    • Louise Coaker

      I am a single parent, my ex has been paying the mortgage up to now but will not continue to pay the full amount.
      We approached Santander – our mortgage lender – requesting to increase the term so therefore lower the payments, they have declined with the reason being that we no longer live together, cannot understand this as if we did live together we would not be requesting this option.
      Is Santander being reasonable? We have given them all the necessary documents to process this application, and was given the impression that it would be agreed.
      Today they now say not, we have to get in arrears before they will consider any options.
      Please help, really worried.
      Kind regards

      • 4:38 pm - July 26, 2017

      • Reply
      • marketing

        Hi Louise,

        We are very sorry to hear that.

        One of our mortgage advisers is currently looking into this for you and will be in touch shortly to discuss your options.

        Hopefully we can be of help to you.

        Kind regards

        Team CLS

        • 8:07 am - July 27, 2017

        • Reply

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