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Getting a mortgage as a single parent

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

Getting a single parent mortgage

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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    10 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
    • Laura williams

      Hi. Im a soon to be single mum of 3. Just started a new job. i bring in £15,400. I have been in my council property for 7 years. Myself and my husband put in for a mortgage with right to buy and was accepted by an independent broker. I have been told that ill receive the maximum discount for the right to buy whixh is £78,000. The property was valued at £186,000. I need a mortgage for £108,000. Will i be able to get a mortgage as a single parent if i claim tax credits and pay full rent? I have been trying to work out finances when my husband leaves. I wont manage on £15,400 a year if i pay full rent. I have a ccj with 500 left to pay. I am to pay this off after the new year amd get a mortgage with my bank whoch is nationwide instead of an i dependent broker. Will this be possible?
      Sorry for the long story
      Kind regards

      • 9:21 pm - October 14, 2017

      • Reply
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        Hi Laura,

        I have spoken with one of our mortgage advisers and they have advised the following:

        If your Right to Buy papers are in both yours and your husband’s names, you will need to re-apply to the council to get them in your name only.

        Using only your basic income will not be enough to get a mortgage unfortunately. However, you should be able to use any universal credits you receive, as well as any agreed maintenance payments you may receive from your husband, once you have finalised everything between yourselves.

        I hope that helps. However, if you have any questions or require any further information, please do not hesitate to call us on 01268 931611 or email us at info@clsmoney.com

        Kind regards

        Team CLS

        • 11:20 am - October 18, 2017

        • Reply
    • Rachel's

      HI All

      I am a single parent to a 12 year old

      I can raise £ 10k deposit

      I earn £13k a year inc child benefit

      What are my options

      • 12:07 am - October 24, 2017

      • Reply
      • marketing

        Hi Rachel,

        I have spoken with one of our mortgage advisers and they have advised that they will need a little more information, in order to determine whether they will be able to help you.

        If you could please advise how much the type of property you are looking to buy is, and if you receive any tax credits and maintenance payments, that would be great.

        Alternatively, please feel free to call us on 01268 931611 or email us at info@clsmoney.com, and one of our advisers will be able to help you with your enquiry.

        Kind regards

        Team CLS

        • 4:01 pm - November 10, 2017

        • Reply
    • Jesmin Khatun

      Hello I was wondering if you can help me,
      I’m a Single mum of two, earning 12k a year plus benefits. I’m in a two bedroom private rented property and the Council will not give me or allow me to bid for Social Housing due to being adequately homed. It’s extremely upsetting as my neighbours pays half of what I pay just because her place (identical to mine) is own by council. If I had a council property I would be able to pay my rent in full by myself without having to be on housing benefits. (being on benefits kind of defeats the objective of getting a job!)
      I would like to understand what or if there is any opportunity for me to first home.

      Kind regards
      Jesmin. K

      • 9:53 pm - December 11, 2017

      • Reply
      • marketing

        Hi Jesmin,

        In order to buy your first home, you will need to have a minimum 10% deposit saved towards the purchase price of the property you are looking to buy.

        If you have any further questions or would like some more information, please do not hesitate to contact us on 01268 931611 or email us at info@clsmoney.com

        Kind regards

        Team CLS

        • 12:16 pm - December 12, 2017

        • Reply
    • jane

      Hello, i am a single parent with 2 kids. Bringing in at least £2000 including the benefits i receive/ month. And i work part time. I am selling my property at the moment and would be able to raise at least 10% if buying a property through mortgage that costs around £70,000 to £90,000. When I rang around and inquire re: mortgaging, their seem to be a problem getting a lender with the status I am in.

      • 9:18 pm - December 14, 2017

      • Reply
      • marketing

        Hi Jane,

        Based on what you have told us, if your gross annual salary is more than your gross annual benefits, then we should be able to find a suitable mortgage lender for you.

        If you would like to discuss your options in more detail, please feel free to contact us on 01268 931611 or email us at info@clsmoney.com

        Kind regards

        Team CLS

        • 4:57 pm - December 15, 2017

        • Reply

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