I currently rent, but would like to look into getting a mortgage. Any advice?

System

This discussion was created from comments split from: Mortgage?.

EstelleWoolley

Hello all. I am 35, single, living with a long term disability of which I receive the disability component of Universal Credit, plus the housing component, and PIP. I currently live in shared,  rented accommodation but I would like to secure a more stable future for myself and look into the possibility of a mortgage. Does anyone here have any advice? Many thanks. Estelle 

janer1967

Hi @EstelleWoolley

Welcome on board 

Unfortunately you will struggle to get a mortgage if your only income is benefits 

Lenders are reluctant to lend as benefits can be stopped

Ross_Scope

EstelleWoolley said:

Hello all. I am 35, single, living with a long term disability of which I receive the disability component of Universal Credit, plus the housing component, and PIP. I currently live in shared,  rented accommodation but I would like to secure a more stable future for myself and look into the possibility of a mortgage. Does anyone here have any advice? Many thanks. Estelle 

Hello and welcome to the community! As mentioned above it is quite difficult to get a mortgage if your main income is from benefits, although I don't think that should stop you from trying and having the ambition. 

You might find this information page helpful, it gives some important points to consider, and recommends getting professional advice.

woodbine

@EstelleWoolley hi, it's never been impossible to get a mortgage when all your income is from benefits, just more difficult, since the pandemic lenders have tightened up their criteria, I mentioned above trying a "whole of market broker" they often have access to more lenders than most brokers would have.

EstelleWoolley

Thanks for your advice everyone