I want to move out of home, what are my options? Can I apply for a mortgage with just UC and PIP?

soph98
soph98 Online Community Member Posts: 1 Listener
edited January 2024 in Benefits and income
I wanted some advice on my current situation, so I want to move out of home! I am earning pip and on universal credit due to severe mental health which prevents me from living a normal life having a job is one of them! But my current living situation is not ideal as it worsen my disabilities with mental health I am single however, I have tired council housing but the wait is an extremely long, however I do have savings! But I don’t no if I could apply for a mortgage with just universal credit and pip as an income. 

Comments

  • 2oldcodgers
    2oldcodgers Posts: 739 Connected
    Not able to work and living on benefits is not a really good proposition for any bank to lend you money.
    Having savings is good, would you be able to buy just by using them?

  • bg844
    bg844 Online Community Member Posts: 3,890 Championing
    Are Universal Credit aware of you having savings you have over £6,000? As above, it's extremely unlikely you will be able to get a Mortgage without any other income I'm afraid. Nothing exactly stopping you trying but personally I wouldn't waste my time if I was in the same situation.
  • poppy123456
    poppy123456 Online Community Member Posts: 64,463 Championing
    bg844 said:
    Are Universal Credit aware of you having savings you have over £6,000?
    They didn't say how much savings they have exactly, other than to say..
    soph98 said:
    however I do have savings!

  • bg844
    bg844 Online Community Member Posts: 3,890 Championing
    poppy123456 said:
    bg844 said:
    Are Universal Credit aware of you having savings you have over £6,000?
    They didn't say how much savings they have exactly, other than to say..
    soph98 said:
    however I do have savings!

    Apologies, I didn't re-read my comment back as I usually do. I meant to put an 'if' over £6,000 in there. 
  • Stellar
    Stellar Online Community Member Posts: 278 Empowering
    it's not possible to own a mortgage and rely on benefits if you cant work. that's due to the ableist and classist nature of banks who refuse to give mortgages to people who cannot work full time and/or have lots of money.

    your only other option is private rentals.
  • 2oldcodgers
    2oldcodgers Posts: 739 Connected
    Stellar said:
    it's not possible to own a mortgage and rely on benefits if you cant work. that's due to the ableist and classist nature of banks who refuse to give mortgages to people who cannot work full time and/or have lots of money.

    your only other option is private rentals.

    Forget banks - I don't know anybody in the financial world that would willingly grant a mortgage to someone who can't work. I would need a lot more security than just the house if I was asked.
    There's nothing ableist and classist about it - it's a simple case of  wanting the monthly repayments to be paid in full.
  • Rosie_Scope
    Rosie_Scope Posts: 5,912 Scope Online Community Coordinator
    Hi @soph98, welcome to the community. Unfortunately in the current climate, it would be unlikely for a bank to lend you a mortgage based on benefits alone, even if you have a good solid income and it seems like you could afford the repayments.

    But perhaps you might be able to find a private rental that would suit you so you could feel at least a bit more independent. Are you living with relatives at the moment or sharing with others? It sounds like a positive step to make if you're feeling ready anyway :)

Categories