Mortgage as a single parent

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  • #59953 Report

    Laurap15
    Participant

    I just got off the phone to my mortgage advisor to be told as a single parent I would only be able to borrow £35,000. THIRTY FIVE THOUSAND. I am desperately trying to keep my house, a very small 2 bed bungalow, I wanted to raise a mortgage of £140,000 to buy my ex out.

    I’m 30, I have a credit score of 990/999. I have no debts except for my mortgage, no overdrafts, nothing on credit. I work 30 hours a week, I can’t go to more as childcare is so expensive. Roughly I earn about £1,500 and my nursery fee’s (for 3 days a week) are £840 per month. I am lucky because the government help with the tax free childcare which is about 20% of that and I share the rest with my ex. But when you look at ‘affordability’ I’m a terrible candidate.

    Why do we make it hardest for the people who need help the most?!!!!

    Why am I continually punished as a woman (sorry I don’t mean to sound like single dads don’t have this problem too) But I’m already behind on opportunities in the workplace as a single mum, I had to take the week off (as holiday) because my 1 year old had a severe case of chicken pox, and work discussed how they found it tough I was being ‘unreliable’ for needing the emergency time off. The gender pay gap, my male colleague who does the EXACT same job as me earns £9,000 more.

    Why is it so difficult, I feel like I’d be better off just not working, not trying to keep a roof over my head. I’m trying to do the right thing and I’m punished for it.

    I haven’t yet checked if I am entitled to any help from the government in regards to benefits, I’ve been trying to manage.

    I hate to use the word unfair, but I feel like it’s not fair. Anyone else found any companies that can help with this type of thing? Surely a company is out there to help single parents remain on the property ladder.

    #59989 Report

    Maximumwil
    Participant

    Hey lovely, it does suck and isn’t fair. Do apply for universal credit. Some banks (I know Barclays do) take it into account to boost the amount they’ll lend.  Some banks (again Barclays) will also take maintenance into account with the calculation. They also take childcare out of the affordability, which is a big impact. If you are able to have 3 months of this not going out your bank account, to show bank, it will be better for affordability. Feel your pain x

    #60033 Report

    ril06
    Participant

    It’s so unfair and upsetting. I found it really heartbreaking to see how little single parents are supported- we are expected to pay a lot more in rent but a mortgage allowance is so low once you are alone with dependents.

    #60038 Report

    cncoffee
    Participant

    @<span style=”background-color: #f5f5f5; color: #707070; font-family: Lato, sans-serif;”>Laura. I have read a lot about this mortgage on this forum and my take on it is this, That we should not allow the government ride us over just because one is single  (permit me to use that word) and from what I can see this is majorly caused by the other partner that is not considerate as the case might be cause if they are reasonable enough they should know that though they be separated but that does not take their sense away to forget the good old times shared together at some point while being together, I strongly feel you call and talk to your ex instead and let him or her see how you both can come to terms to have the mortgage issue sorted out amicably. I find it very annoying when the other party is trying and watching the other go through so much agony all in the name of being separated and not concerned about how the other feels.</span>

    You can talk to Barclays about it and mention this issue to them I know there a loan they give that is reasonable enough I just can’t remember the name of such loan right about now but while doing this, I would want you to calm your nerves and breath in some fresh air and let love it. You are only separated and deserve to be happy and not getting in so much of worry.

    All the best.

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