As a single parent, you may be facing a few challenges when securing a mortgage. With one salary and sole responsibility for childcare, proving you can make mortgage repayments can be tough.
However, single parent status shouldn’t prevent you from applying for, and securing, the right mortgage to suit your family’s needs.
At trufe., we’ll be there to support you when you’re facing the challenging questions that might be asked when you apply.
Our mortgage brokers can help you prove affordability and find the lenders who are most likely to accept your application.
The higher your affordability score, the greater chance you have of securing a mortgage. Mortgage lenders will look at your income minus your outgoings to assess affordability. But many will expect a single parent’s outgoings to be quite high.
However, mortgages for single parents often take into account your income as a whole. This is more than simply the salary you’re paid.
As a single parent, your mortgage lender is likely to consider child benefit, tax credits, and child maintenance payments – court-ordered and non-court ordered - that you receive. These payments will significantly help balance your outgoings and can have a hugely positive effect on your affordability rating.
At trufe., our mortgage brokers will look at your overall income and help you prove payment surety as a single parent, demonstrating how you’ll be able to afford every monthly repayment.
We understand the situation that’s led you to make a mortgage application as a single parent might be a complicated one. So trufe’s mortgage brokers will chat through your individual circumstances to find the mortgage that’s right for you.
We’ll look at your personal situation, manage your expectations, and guide you through which questions may be asked and how best to answer them.
Whether you’re going through a divorce, looking to end joint liability on a previous mortgage, or balancing high outgoings with a reduced income, we’ll support you with personal advice every step of the way.
Applying for many mortgages, only to find lenders keep rejecting your applications, is hugely stressful. At trufe., we know which mortgage lenders are most likely to consider all your income when assessing your application, improving your likelihood of meeting affordability criteria.
As a single parent, your time is even more precious. Working with trufe. gives you access to our experience and understanding of the full mortgage lender market, saving you stress and time when securing your mortgage application.
We’re also really flexible, so we’ll meet or chat with you at a time that suits your work patterns and childcare commitments, whether it be the evening when the kids are in bed, or on the weekend when you have a moment to yourself!
Get in touch and let us explain how we can help and answer any of those questions that have been on your mind. There are no obligations or expectations for you to apply - we’re here to support and help you better understand what’s available to you.
