Expert mortgage advice for the single, first-time buyer

How to get your first mortgage on a single income

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First-time buyer mortgage with a single income parent

At CLS Money, we believe that single-income families should have the opportunity to purchase their first home with a mortgage that is going to work for them in the longer term.

We have masses of experience in sourcing and securing competitive home loans for mums, dads and guardians who want to buy a property but are concerned that their low income and their important responsibilities will limit their options.

Read on for a breakdown of all the things you’ll need to consider if you’re a single income parent looking to make your first foray into the property market and how CLS provide the ideal mortgage lenders for any single-parent mortgages.

Things to consider as a first-time buyer

Mortgage lenders define a first-time buyer as someone purchasing a property that has never owned a home previously.

If you’re a first-time buyer, you might not fully understand the mortgage process, so it can be really helpful to speak to an expert to talk you through it. He or she will explain all the key terminology and help you work out how much your monthly repayments will be, as well as how much the mortgage will cost you over the course of your full term.

One key thing to ensure from the start is that you have all the right documents to hand. Any errors, inconsistencies or omissions from your paperwork could be a red flag to your lender and could put you in a poor position when it comes to being accepted for a mortgage.

As a first-time buyer, you might not have a strong credit history. Chances are you’ve never had to pay back this kind of debt before. From the lender’s perspective, taking you on as a mortgage customer is a bit of a gamble because they have no examples of your reliability as a debtor. This is why it’s so important to use a mortgage broker when looking to apply for a first-time buyer mortgage. Their expertise will help you meet lender criteria, which in turn will give you a better chance of being accepted for a mortgage and securing your dream home.

We help you understand what your manageable mortgage repayments look like, and find the range of single parent mortgages from specialist mortgage lenders that are a great match for you – getting you on the property ladder, where you want to be. As an experienced mortgage broker, CLS has years of experience helping single parents land the finance to buy their new homes.

How will being a single income parent affect your chances of getting a mortgage?

Being accepted for a mortgage as a single parent can be tough, mostly due to the fact that you are unlikely to be bringing in a full-time income.

Most lenders will allow you to borrow up to five times your annual income. This means that if you are on a lower wage because you are juggling work with childcare, your borrowing capabilities will be reduced.

Some lenders can be very strict when it comes to their eligibility criteria, especially when assessing applications from first-time buyers. Although every provider will have their own scoring system, many of the High Street lenders are likely to turn you down if you are a parent with a single income.

Alongside other checks, many providers will want to take your outgoings into account to make sure you have a sustainable debt to income ratio.

Be wary of this when you’re putting together your case. CLS helps to gather all of your relevant information and organise it to help your mortgage provider see that you're worthy of a mortgage application. They'll expect to understand the financial position of all their mortgage subjects, which could include their approximate annual income, monthly outgoings, personal loans, credit history, any family gifted deposits, the property price and any financial difficulties you're likely to face or have overcome in the past. With the right advice and mortgage help, we can match you with a range of flexible mortgage products fit for your situation.

As a single parent, you can use tax credits towards your application, including:

  • Child benefit payments
  • Income from a job
  • Tax credits
  • Universal credit
  • Maintenance payments (from the child’s other parent)

If you are a single income parent and are looking to get a mortgage, it’s vitally important that you use a specialist broker, who will be able to put you in touch with lenders who understand your situation and are willing to offer attractive rates and terms.

Why use a mortgage broker?

We can’t stress enough how valuable our advice will be – especially if you’re totally new to the property market and have never applied for a mortgage before.

It’s our job to handle all the complicated paperwork and time-consuming processes, so you can focus on building your family’s future. Once we’ve found you a quote from a suitable lender, we will help you collect all the necessary documentation before presenting your case to your provider and managing any questions on your behalf. You’ll be able to track our progress any time via our customer portal, and you can chat to our advisers online, over the phone or in-person as often as you like – even in the evenings and at weekends.

CLS Money can help in every unique situation

We're not just here to help with mortgages for single parents; we're here to help contractors, professionals, the self-employed, students, landlords, and more, with mortgage advice for everyone looking for a better or unique deal.

  • Specialist lenders
  • Guarantor mortgage options
  • Mortgages for those with a poor credit report
  • Lowering your mortgage interest rate or mortgage payments
  • Bad credit mortgages
  • Joint mortgage options
  • Getting a mortgage with CCJs or DMPs
  • Specialist mortgage schemes
  • Low deposit mortgages
  • Overcoming adverse credit issues
  • Housing association mortgages and government scheme mortgages
  • Shared ownership mortgages

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Gemma May

Mortgage Advisor

Gemma May

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