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Buying a Home as a Single Parent: It is Possible!

A home is a place for all of those precious childhood memories but so many parents find themselves struggling to even get on the property ladder, and for single parents, this is even more so. If you are looking at providing for your kids and are wondering how to get a mortgage, let’s show you what you can do.

Get Into the Best Financial Position Possible

It is not easy to get a mortgage as a single parent. You aren’t disqualified because you are a single parent, but it just means it’s harder to get the adequate amount. The general rule of thumb is a lender will let you borrow 4.5 times your salary, and if you already have debt this could mean you can borrow less. While there are lenders on the market who can help find mortgages with a debt management plan, you need to get yourself into the best financial position. This means fixing your credit score, not changing jobs, providing proof of income, and getting a bigger deposit if possible.

Finding The Right Mortgage

Mortgages come in different shapes and sizes. There are many single parents who own their own properties and this can be because of shared ownership mortgages where you are buying into a property with someone else (who you are not in a relationship with), as well as guarantor mortgages, where your parents or relative may have to sign an agreement to help you get the mortgage, as long as they are happy to foot the repayments if something should happen to your earning power.

Get Help With the Application

The biggest problem that most of us have when it comes to applying for a mortgage is that we are in the dark. We think it’s best to provide as much information as possible on the application but if your circumstances are due to change, for example, your child is going from nursery to school this means your outgoings are going to be that much less later on. 

A mortgage broker is worth their weight in gold because they can give you guidance on the application process. When you apply for a mortgage and anticipate moving into a property a few months down the line, it’s essential to consider potential changes in your childcare circumstances. Working with mortgage brokers in Brentwood or your local area ensures that you are providing the correct figure for then, not now!

You should also point out that if you are getting childcare support payments this also counts as income which can help to bolster your application. There are lots of ways around these things, which is why you need to work with a whole-of-market broker. They will also be able to find the right lenders who are more lenient when it comes to child maintenance.

It can seem like a pipe dream as a single parent, but you are able to buy a house as a single parent. It might not be a perfect one to begin with, but once you get onto the property ladder this means you’ve got equity that can help you get the house of your dreams.

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