The single parent’s guide to buying your first home

If you’re searching for housing for single parents and wondering whether buying a home is achievable, you’re not alone – or without options to help you get there.

Buying schemes can provide valuable housing assistance for single mums and dads by directly addressing the affordability challenges of stepping onto the property ladder in a single-income household.

In this guide to buying your first home as a single parent, we’re covering the schemes you may be eligible for, the benefits of owning a family home and answering common questions.

Why buying a home makes sense for single parents

Between parenting and working, the prospect of buying your first home as a single parent can seem like a daunting task. But the benefits for you and your family make undertaking the process more than worthwhile.

Financial benefits

• Buying is an investment in your family’s future. It allows you to build equity rather than paying a landlord.
• Your monthly mortgage repayments will stay the same over your fixed term, offering stability and predictability. It’s worth noting, however, that if you choose to buy more shares in a Shared Ownership home, your mortgage payments will increase and your rent will decrease in turn. Additionally, the portion of rent you pay to your housing association on the unowned share of the property will generally be reviewed each year.

Family-focused benefits

• The location is your choice – you can buy a home in your chosen school catchment area or near other family members.
• You can decorate as you please, creating a family home that’s truly yours.

Emotional and psychological benefits

• On a personal level, buying a home brings a sense of achievement and independence – especially when you’re going it alone.
• It provides a stable environment for children to settle into and grow up in, offering a sense of security, permanence and comfort.

Why buying schemes are a good option for single parents

Providing for children in a one-income household can put your finances under strain, but there are more affordable ways to buy your first home than the traditional route of outright purchase.

Affordable homeownership and buying schemes provide valuable assistance for single parents wanting to buy a family home, whether that’s a cosy apartment or a traditional house.

Schemes that can assist single mums and dads include:

• Shared Ownership: Buy a share of a home (typically between 10-75%) and pay a subsidised rent on the rest, with the option to increase your share over time through staircasing.
• First Homes: Secure a new-build home with a minimum 30% discount off the full market value.
• Deposit Unlock: A mortgage guarantee scheme backed by housebuilders that enables you to buy a new-build home with just a 5% deposit.
• Discount Market Sale: Allows eligible buyers who meet specific income criteria to purchase a new-build home with a discount of around 20%.
• Own New: Makes purchasing a new-build home more affordable by reducing the interest rate on your mortgage payments during the initial term
• Shared Equity: Pay for part of a property while a housing provider, developer or lender helps cover the rest with an equity loan.

Visit our buying scheme hub for more information about each scheme, including how it works, eligibility criteria and associated costs.

FAQs about housing for single parents

Can I buy a family home on one income?

Yes, you can buy a home on one income. Typically, mortgage lenders offer loans up to 4-4.5 times your annual salary. Use our affordability calculators to get an estimate of what you may be able to afford.

We always recommend speaking to a specialist mortgage broker for advice tailored to your financial circumstances.

Does Child Benefit or Guardian’s Allowance count towards my mortgage affordability?

Many mortgage lenders in the UK include Child Benefit or Guardian’s Allowance as part of your income when assessing your affordability. However, policies vary between lenders.

A specialist mortgage broker can advise you and help you find the best loan for your circumstances. They have access to the full mortgage product market and can identify lenders who treat Child Benefit or Guardian’s Allowance favourably.

I co-parent — will Child Maintenance affect my affordability?

Different lenders have different policies regarding the inclusion of Child Maintenance in a mortgage application.

If you receive Child Maintenance, some lenders may count it as part of your income, but may require evidence of a formal agreement, such as a Child Maintenance Service arrangement or a court order.

Again, it’s best to speak to a specialist mortgage broker who can help you find a lender who treats Child Maintenance in mortgage applications favourably, and to receive advice tailored to your situation.

Is there any mortgage help available for single parents?

There is no specific mortgage product for single parents, but some buying schemes, such as Shared Ownership, can reduce the size of the mortgage needed.

What is the income threshold for Shared Ownership?

There is no minimum income requirement for Shared Ownership, but your annual household income must be below £80,000 outside of London or £90,000 in London.

As part of the Shared Ownership application process, you must pass an affordability assessment to demonstrate that you can manage the monthly costs, such as the mortgage, rent and service charge, with a minimum monthly surplus.

Do I need a large deposit as a single parent?

It depends on how you buy. The deposit requirement for Shared Ownership is typically much smaller than buying outright, as the amount is based on the share you’re buying rather than the full market value of the property. Many housing associations require a minimum 10% deposit, but some only ask for 5% upfront.

Deposit Unlock is another scheme that reduces the upfront amount required. Available on new-build homes from participating homebuilders, the scheme lets you secure a property with a 5% deposit, while the homebuilder provides an insurance-backed guarantee to the lender.

Find housing for single parents on Share to Buy

Share to Buy is the UK’s leading property portal for affordable homeownership and buying schemes. We’re here to support you every step of the way with useful buyer tools, informative guides and jargon-free answers to all your questions.

Use our property portal to find homes for sale in your area and create an account to save your search, register for alerts, enquire about homes and more.