Hi, my name is Caz2! Finding a mortgage while receiving benefits

Caz2

So do I 

vikingqueen

     Has your landlord not considered selling with you as sitting tenants? You have lived there a long time so must be good tenants with the rent paid on time, worth asking the landlord maybe?

Caz2

Don't think he has all he's bothered about now is getting  money from this house .He used to be a great landlord but the last few yrs he's changed to someone who doesn't care about ppl only  money

Lisatho11987777

From my own experience of trying to buy a house on benefits in a similar situation to uou my landlord offered me first refusal  

I had to have a medical becsuse I was 55 I couldn't have a 25 year mortgage I was offered a shorter mortgage which meant a higher deposit and higher mortgage repayments but benefits only allowed me whst I would get if I was renting which was a 400.00 short fall so I couldn't do it 

I was glad in a way  as I live in a lovely rented house  

The risk is if anything did happen and you fell back on payments you could lose your house and be left in alot of debt  

There are plus sides to haveing your own house bit it's not just the mortgage you have to pay you need to have a surveyor  check the house to see if it's got any hidden problems which costs money also legal fees  and the deposit you have to pay and any repairs  thst may need doing and paying your own yearly gas checks 

Everything would be down to you to pay  and you could find yourself in debt or struggling 

You need to look at both sides of buying a house the good and bad 

@Caz2 just wanted you to see the good and the bad 

Caz2

Thank you  for that it is something I have thought about a lot so it's not something I'm not going in with my eyes shut about .I really do appreciate  all the advice everyone has taken time to give me

janer1967

Just to add owning yoyd own home can cause issues if your circumstances change 

Eg I had to stop working due to unexpected disability and couldn't pay the mortgage and the house was no longer suitable I was housebound due to steps 

I had to sell my house took over a year to sell and had to sell in negative equity 

If I had a rented property at the time it wouldn't have been such an issue 

Lisatho11987777

I am not sure someone else will know better but I think you lose your housing element as it doesn't cover a mortgage  not realy sure about that though  also if you pay a deposit and its more than 6000 you may lose benefits thsts whst I was told 

In the end when I worked everything out all I  would of had would of been a house I couldn't afford to run it happens to people who earn more money than people on benefits 

Whst ever decisions you make could affect your future 

janer1967

You don't get housing element when you have mortgage 

You can get help for interest only part of mortgage after 9 months being on uc but this is a loan and has to be repaid 

Lisatho11987777

@janer1967 I thought that was the case but wasn't sure  as I didn't go ahead with trying to buy the house mine was part rent part buy for first 5 years then full mortgage  but deposit was high and mortgage payments high then the renting side of things I was only allowed  so much and I had to pay the rest with the best will in the world 700 was to high for me to pay and then it was higher after the five years 

calcotti

janer1967 said:

You can get help for interest only part of mortgage after 9 months being on uc but this is a loan and has to be repaid 

And that help is only available if there are no earnings.