Single parent mortgages?

[lancslass]

Do I stand any chance of getting a mortgage, I currently rent a house? I am a single parent and have recently become self employed but am not taking any wages yet. I receive tax credits, child benefit and child maintenance and can afford the repayments.

Thanks.

[AlanS107]

If you don't get a satisfactory answer here, go to www.fool.co.uk, click on | discussion boards | managing your finances | Mortgages |

[ann_h]

I am also a self-employed single parent.

I have had my mortgage for 4 years with UCB who is part of Nationwide. They specialise in self-cert (non-proved) income mortgages.

I am in the process of remorgaging to C&G as there is a rate offer on. Couldn't go to them before as self-cert but they have changed their rules. I think you will find lots more lenders will consider you now, you just need to show good credit and good cashflow.

Happy joy joy!

[vicars]

The answer is that you need to lie to get a mortgage which is a criminal offence as although there are lenders that can take into account 1 of the benefits this does not give you anywhere near enough to buy a property with. If you have the deposit though, 15-20%, there may be a buy to let lender that could consider a first time buyer but again you need to be careful as to what information they need. Unfortunately the housing market is crazy at the moment so best of luck - work at your business first, prices may still come down. On the other hand there are more lenders accepting parents as guarantors if this is an option or share a house with a friend who does have provable income / deposit. You could also get registered with a housing association and buy part of  property - you do not have to go through with it but the earlier you get on their list the better and the houses/flats are quite often new or refurbished. Hope this helps