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

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

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 Details

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 mortgage adviser: Ashley Jones, 01732 471694 or 07853829939

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

Get in contact with us: 0345 345 6788 or ...

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Mortgages for Business Ltd is registered
in England and Wales No. 2502713.

Registered office:
17 Kings Hill Avenue,
Kings Hill, West Malling,
ME19 4UA.

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Mortgages for Business Ltd is authorised and regulated by the Finance Conduct Authority (No. 313537) to transact regulated mortgages. We are a credit broker, not a lender. We work with the whole of market in sourcing a lender for you; we may receive a commission from the lender, and this amount varies between lenders. The FCA does not regulate some investment mortgage contracts. Mortgages for Business Ltd is a founding member of the National Association of Commercial Finance Brokers, the body that promotes best practice within the commercial finance industry. Telephone calls may be monitored or recorded for training purposes.

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