- Maintenance Income
- No Court Order Required
- Benefits Income
- From 5% Deposit
- No Credit Scoring
- Common Sense Underwriting
Mortgage with Maintenance Income
At RockHopper, we can assist those customers who receive all or part of their income via a maintenance agreement with their ex partner.
Usually we are contacted by clients in receipt of maintenance income, who are confused as to the exact amount they can borrow given their income. Often they want to know the maximum mortgage they could obtain, to assess whether they can buy out their ex partner’s share of their joint property.
A lot of clients are frustrated that the Banks, Building Societies and Lenders they have approached have declined their mortgage or remortgage, or offered them a much smaller loan compared to the amount they require.
Clients tell us that the main reasons for this are that Lenders may not consider 100% of their maintenance income towards the mortgage affordability assessment. Alternatively, we are informed that some Lenders will not consider maintenance income unless:Read More >>
- The client(s) have some form of employment or self employment
- There is a formal court order in place for the income
- The income has been paid for a minimum of 12 months
At RockHopper, when assessing a mortgage or remortgage using maintenance income, we are able to take a pragmatic view and consider maintenance income which does not have to be court-ordered, or paid for at least 12 months.
As maintenance income is paid tax free, some customers tell us they feel penalised by Lenders who insist on deducting tax when assessing how much they can borrow, since this often results in them being able to borrow less than they require.
At RockHopper, we can assist with assessing the mortgage on the basis that the income is, in effect, paid tax free.
Another major consideration is the period over which the maintenance is to be paid. Generally, it will have to last for the whole length of the mortgage if the income is to be used to assess affordability, however we may be able to substitute the maintenance income with other forms of income that the client will receive in later life, once the maintenance stops (e.g. pension).
At RockHopper, we look at all cases individually and assess each mortgage or remortgage on its own merits. Do get in touch if you want some assistance in obtaining a mortgage with maintenance income. We offer a free initial, no obligation, assessment to see if we can help you.