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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4545
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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In the UK will I be able to get a small mortgage using spousal

Resolved Question:

In the UK will I be able to get a small mortgage using spousal support payments? I will get about £7,000 per month for the next 9 years and expect to get a mortgage with a very good Loan to Value ratio £1.7 down payment and a £200,000 mortgage, payable in less than the 9 years? I will also have other compensation, but it won't be substantial compared to the £7,000 per month. Maybe £2,000 per month extra?
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

YES. This is certainly possible. The alimony payment / spousal support that you receive has to be regular and provide a satisfactory proof to the lender that you receive it.

It would be important for you to prepare a paper trail by depositing money that you receive every month and create a favorable record and proof of this. Make copies of the checks prior to deposit to prove the source of the deposit. The reason is most lenders require proof of payment for an extended period of time in order to reasonably predict that payment will continue.

Make a copy of your monthly bank statements as well as a copy of the checks deposited. Include all that information with your loan application.

If this is in place I do not see any major hurdle coming your way.

I wish you good luck and success.

I am sure this would help.

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Warm Regards
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