Single income parent: remortgage your property

The best options when remortgaging as a single income parent

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Remortgage your property as a single-income parent

Time’s up on your current mortgage – and you’re keen to look elsewhere. But as a single parent on a relatively low income, you’re probably concerned that mortgage lenders won’t be queueing up to offer you a new home loan.

But there’s no need to panic. There are plenty of mortgage companies out there who will consider applications from single-income families, as long as you, as the primary earner, have a solid financial history and can demonstrate that you will have the funds to cover your repayments. Many of these mortgage lenders will even allow you to free up money from your existing agreement if you need the cash to hand. Even though a joint-income can achieve higher loan amounts, you can still get a mortgage with your single parent lending criteria.

When do you need to remortgage?

Remortgaging a property is the process of applying for a mortgage with a new lender without physically moving between locations.

There are a few reasons why you may be considering remortgaging your property. Maybe you simply want to get a better deal, lowering your mortgage payments by taking advantage of cheaper rates elsewhere. Alternatively, perhaps you need to raise money for home improvements or other large purchases without taking out a personal loan. You can do this by releasing cash from your existing mortgage and upping your monthly repayments or the length of their mortgage term as part of a revised agreement.

Remortgaging can also be a way to consolidate other existing debt and pay it off within your monthly mortgage payments. However, although interest rates on mortgages are often lower than on personal loans, you could end up paying more overall if you choose to take the mortgage out over a longer term.

If you’re looking to remortgage your property, the cost of your new agreement will be one of the biggest factors in your decision-making process. But there are other things to think about – such as whether the mortgage is portable, whether the lender will allow you to overpay on your repayments, what the exit fees are, and whether the term length suits your needs.

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

Being accepted for a new 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 mortgage lenders 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, and 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 application.

It’s not all bad news, though. As a single parent, you can use tax credits towards your remortgage 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 remortgage, 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 your childcare costs and are willing to offer attractive rates and terms.

Why use a mortgage broker?

Don’t throw yourself into the remortgaging process and simply hope for the best. Get expert advice from experienced mortgage brokers. The team here at CLS Money have helped many single-income parents like you secure deals from providers who understand your situation and are open to offering you good rates and terms.

We'll track down a mortgage lender that is sensitive to your needs and your situation. If you've split from an ex-partner and want to take over the payments on your own home, we're here to get you over the finish line. We find the best deals for single mums and single dads, finding the best deals to meet the mortgage repayments that allow them to buy their family home.

Single parent mortgages and expert advice for every other eventuality

We don't just help single parents find the best mortgage provider for their situation, or to help adjust their mortgage payments, we're here for everyone who needs help securing the finance to pay for their home.

We're a highly experienced mortgage broker with relationships that cover far wider than the high street banks. You'll work with a mortgage advisor who understands precisely what you need and works hard to deliver. Whatever your issue, we're here to help.

  • Mortgage advice for those with poor credit or a bad credit report
  • Specialist mortgage schemes to get you on the property ladder
  • Low deposit mortgages
  • Housing association mortgages
  • Mortgage alternatives for varying monthly outgoings or an approximate annual income
  • Mortgage help for the self employed, company directors and professionals
  • Flexible mortgage products
  • Joint mortgages with family members
  • Guarantor mortgage loans
  • Mortgages including family-gifted deposits
  • Government scheme mortgages

Contact us now to arrange your free consultation and get a series of quotes from niche or specialist lenders with more accommodating eligibility criteria. We know you’re juggling many plates, which is why we offer lots of evening and weekend appointments. And you can talk to us online, over the phone, or in-person, depending on what’s most convenient for you.

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Gemma May

Operations Director

Gemma May

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