Child maintenance & benefits accepted as income source for recently divorced sales rep

Child maintenance & benefits accepted as income source for recently divorced sales rep

20.06.17 | Written by: Pete Coombes

We were approached by a client looking to purchase a new home in Wales after recently finalising a divorce with her now ex-husband.

The client was looking for finance to purchase a three-bed semi-detached property in need of slight refurbishment, whilst also raising enough to pay off her credit card debt of £20k.

Recently divorced with two children, the client needed a lender which would take additional income into consideration from child maintenance and benefits if she was to qualify for the loan amount required.

An added complication was that the client had recently changed jobs and had only been with her employer for just over a month.

Before looking at other lenders we decided to approach the client’s main bank and explained the situation. The bank looked at the deal and agreed to offer her a competitive 5 year fixed rate, which would allow her to keep her payments stable.

Property value: £130,000

Loan amount: £50,000   

LTV: 38%

Rate: 2.29% 5 Year Fixed

Term: 20 years capital & interest

Lender arrangement fee: Nil

Mortgage payment: £259 pcm

Consultant: Pete Coombes, 01732 471668

ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.