When it comes to applying for a mortgage, using child maintenance as income can be a complicated process. Lenders have different criteria when it comes to taking into consideration the income from child maintenance payments and some may not accept it at all. To better understand how to include these payments in your mortgage application, here is what you need to know.

When applying for a mortgage using child maintenance as income, lenders will typically need to know how long the payments are likely to be received and whether you have a formal agreement in place. Some lenders may accept up to 100% of the child maintenance payment while others may only consider 50-60%. It’s important that you research different lenders and their criteria before applying for a mortgage.

It’s also important to note that the age of your child or children may be taken into account when a lender is considering your application. Lenders want to make sure that the situation is sustainable and affordable, even after those payments cease. This is why it’s crucial to have a formal agreement in place and to provide proof of your income from other sources.

Finding the best mortgage deal when using child maintenance can be tricky, so it’s always a good idea to speak with an experienced mortgage broker. They will break down how your income is made up into what you earn and any child maintenance payments. Brokers can also search the market for you and may have access to exclusive deals you won’t find on the High Street.

Overall, child maintenance payments can be included in a mortgage application but make sure you do your research and speak to an expert before making any decisions. It’s important to understand how lenders view these payments and the best way to ensure your application is successful. With the right advice, you can find a great mortgage deal that works for both you and your family.

Adding to this, it’s important to remember that there are other factors involved in securing a mortgage when using child maintenance as income, such as credit score and criteria set by the lender. Make sure you understand all of these requirements before applying for a mortgage to ensure you have the best chance of success.

If you have any questions regarding your mortgage affordability contact us today at 0151 662 0188 or email [email protected].