Can I get a mortgage if my only income is child support?

Posted on 6 March 2008

I'm going through a divorce and am unemployed, but want to return to work after college in 2-3 years. I have a joint mortgage and upon sale of the house will have a large deposit for purchase of new home. My parents are retired and own their home outright - could they act as guarantors to enable me to get a mortgage when my only income will be child support?

Hi Caroline,

Lenders aren't that keen on giving you a mortgage based on child support, but if it is legitimately arranged through the CSA you may have a case. Unfortunately your parents' unencumbered home does not lend much to the situation, unless they have a very high income that can cover your whole mortgage as well as their costs. The only question you need to be able to answer is "how will you make the monthly payments on the mortgage?". If you can answer this then a lender will listen.

It may be that you have to rent if you want to continue at college, or buy somewhere small based on just the equity settlement that you are due from the sale.

Category: Guaranteeing & buying with child

 

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