Can my 61 year old mother obtain a mortgage on her own as she is currently in divorce procedure?

by , 25 Oct 2012Open Question

She will receive periodical payments every month, will this be considered as a regular income to meet the monthly mortgage payments? Thank you.

Answers

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does she receive any other income?

Principaleld Investment Proposals is a independent broker offering impartial advice. Feel free to contact us at piproposals@gmail.com. Your home may be repossessed if you do not keep up repayments on a mortgage or on any other debt secured on it.

At he moment she receives Disability Allowance of £350 per month but next March she will receive the basic state pensionof £105 per week instead. She receives no other income apart from this.

by info777, 25 Oct 2012

I think you will struggle to get a mortgage based on the periodical payments, that said are they drawn up by the court and regulated by a governing body?

How much is she looking to borrow and what is the value of property?

The periodical payments will be drawn up by the court.
She would be looking at a borrowing approx £80,000 - £100,000, as she will also receive a lump sum towards a deposit to a property of £100,000.

by info777, 25 Oct 2012

This is likely to be tight, as her income without the periodical payment will be circa £10,000. She will be trying to achieve 8 x income, which is unlikely.

Ok, we need to have re-think, thank you for your replies.

by info777, 26 Oct 2012
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