Posted on 13 December 2011 by claire
I have recently divorced and am living with my two adult children in the family home which has a mortage of £137,000. My ex husband is continuing to pay the bills and mortgage until it sells, he is then going to give me £1600 per month till October 2016, we have a consent order. I am not working but hope to find something in the new year. I hope to have £30,000 from the house upon sale and would like to buy a property of my own. Can I do this with spousal maintenance? I have got half his pension which I hope to take in 8 years time. Any advice would be greatly appreciated. Thanks
There are a few lenders who will accept maintenance as a source of income, but almost without exception they will also want you to have some sort of earned income. In addition to this most will want to see a Court Order or CSA agreement and a history of at least 6 months payments before accepting an application for consideration.
In light of this, I think it is unlikely that you will be able to get a mortgage until around June next year and even then there can be no guarantees. I think that you best way forward is to find employment and keep a clean credit record between now and when you apply. If you have to move into rental accommodation, this will help you show to any prospective lender that you are able to maintain regular payments, especially if they are at a similar level to the future mortgage payments.
Finally, it is worth speaking to your own bank now about a mortgage because they will already have a record of your finances and could be more accommodating than anyone else.
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