Obtaining a mortgage with maintenance income is achievable within the current mortgage market.  Lenders will have different criteria on the type and source of maintenance income they will accept, such as:

  • Is the maintenance court ordered?
  • Has the maintenance been paid for at least 12 months?
  • Is the maintenance income provable by way of bank statements?

At the mortgage broker, one of our clients recently obtained a £130,000 mortgage based solely on maintenance income and tax credits.

The client, Fay, received just shy of £20,000 income from her ex-husband – this maintenance money was NOT court ordered but Fay had been in receipt of the income for over 12 months and was able to show proof of this with bank statements.  Fay also received over £12,000 in benefits and allowances that the lender was happy to take into account.

With the sale of her existing property, a 30% deposit was available and the lender approved the mortgage which is currently being processed as this article is being written.

Fay is looking forward to moving into her new house in the next few weeks.

Case ref: tmblblackmorejuly12