When you go through a breakup, you will find that it leads to a lot of upheaval in your life. You might have to move out of your family home, and you could find that you are back at square one when it comes to finding a place to buy. If your breakup or divorce means that you are now living as a single parent, you might be even more affected by this as you income will now be halved, even though your expenses won’t change.
Are you wondering how you will ever be able to find a mortgage provider who will lend you enough money to buy your own home? It actually won’t be as difficult as you might think. Here are some tips that can help you out.
Get Your Finances In Order
It’s important that your financial situation is as strong as possible while you are looking for a mortgage. This will help you to look a lot more attractive to potential lenders. So, it’s necessary to try and clear any outstanding debts and loans that you might be trying to pay off. If you have a poor credit rating, it’s a good idea to try to work on that as well. You can do so by speaking to a financial advisor.
Apply For All The Benefits You’re Eligible For
Now that you are a single parent, you will be eligible for a few more benefits. It is important that you apply for everything that you are able to as this will boost your income and help your mortgage application. It is also a good idea to claim the child maintenance that your ex-partner should be paying to your children. This can help cover certain household expenses as you try and save for a deposit to put down on a home.
Downsize While You House Hunt
If you do need to move out of the family home, it is a good idea to find a small property for the time being. Smaller houses are much cheaper to run, and this can help you save for a deposit. It’s a good idea to see a rental specialist, such as Invitation Homes, as they will have a good idea of the type of suitable properties available to rent in your local area. Try and find a furnished rental property as this can help you keep costs low while you rent.
Find A Guarantor
You might struggle to find a mortgage provider if life as a single parent leaves you with a particularly low income. However, if you find someone who is willing to be a guarantor, then you should find the search a little easier. A guarantor is someone who will co-sign the mortgage contract with you. If you are ever unable to meet the monthly repayments, then the responsibility passes over to them. Most people ask their parents or another close relative to act as their guarantor.
Good luck on your hunt for a mortgage as a single parent!