A Quick question. I got fired from a good paying during the pandemic. I am over it now but as I have 3 young primary age children under 10 with all the lockdowns over the past year I have not been able to find a job and work. The kids retuned back to school in April and hours were reduced with no after-school care.
Things have now resumed althogh after-school care is still slightly reduced and I am running around like a maniac doing pickups as they all go to differnet shools. I do get anxious about being suddenly called into home school due to classes being sent home or another lockdown which is affecting me securing something as I don't want to say to new employers that I have to leave etc look after my kids.
I have tried looking for a PT WFH reduced hours 4 hours a day where I can accommodate school runs and pick ups as the girl I used to have no longer wants to pick up the kids due to the CV risks etc. It is a nightmare and this single parenting is revealing, now I understand why single parents struggle to sometimes find high paying jobs
My question is I have been asked to enter my mortgage raising capacity as an outcome on my form E. How do I see a mortgage advisor when I have no income. I am not on benefits and live off my savings at the moment? If I manage to get a FT job I would have to wait at least 6 months to qualify for a mortgage consideration.
Has anyone been in a similar position? What do you write?
If you are just filling out form E the first time around then you can estimate the figure yourself.
Work out your income based on the 4hrs a day that you could do plus the benefits / tax credits / child maintenance.
You mortgage raising capacity would be roughly 4 times that income. However its worth calling a couple of lenders to get an indication from them as they may for example not count child maintenance as income for the capacity calculation.
If you have been asked for a Mortgage Capacity Report in an order after the FDA then you will need to get a report done (Google for one) or at the least get written quotes from a few lenders.