For single parents, it can sometimes be challenging to get a mortgage. However, one can achieve this target with the right advice and application. Various financial constraints may act as a hurdle in getting the mortgage.

Varying Mortgage Amounts for Single Parents:

The chances of mortgage approval for a single parent may vary between the agents. Some lenders may be more flexible, with unique scores, rules and regulations. Getting correct financial advice from a well-known mortgage advisor in Market Deeping can make a lot of difference.

Things to Know While Applying for a Mortgage as a Single Parent:

If a single parent is unable to get their mortgage approved, they must communicate with the right sources. More about this is discussed in the following section of this blog.

1. Understanding Mortgage Provisions for a Single Parent:

Before going any further, the individual needs to assess the mortgage provisions for a single parent. Though it is not different from the mortgages applied by joint applicants, there are a few vital differences. The lenders may check the person’s affordability by checking their monthly salary and loans.

2. Affordability Factor of the Single Parent; Explained

An individual applying for a mortgage as a single parent should meet the lender’s affordability criteria. Those who fall under the low-income category may face some limitations in confirming the mortgage amount. Most mortgage agents provide an amount equal to three to five times the applicant’s annual income. However, this may again vary if the borrower has more than two children.

How to Utilise Child Benefit and Tax Credits:

Single parents with issues may utilise their child benefit and tax credit details for documenting their income. They may include the documents as pointed out below:

  • Child Benefit Payments
  • Universal Credit
  • Tax Credits
  • Professional Income
  • Maintenance Payments

A considerable number of applicants think that furnishing lesser documents of income may increase their chance of getting a higher mortgage amount. However, in reality, this chance gets better when one shows a larger number of income proofs.

These are a few important things for a mortgage application that single parents must know. To get further advice, it is important to connect with a renowned financial advisor. One can get help from David List Mortgage Consultants Ltd, a well-known mortgage advisor in Market Deeping. They can provide mortgage-related advice simply and succinctly. For more information, one can visit their website today.