has anyone successful got a mortgage while on benefits
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happyfella
Community member Posts: 499 Pioneering
i would like to know if anyone has successful got a mortgage when only on benefits and a pension
SO, for example one person has full pip, and universal credit and the other has a pension
Comments
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It's not easy but it's possible. Your age may go against you too. I found some links that may help. https://www.expertmortgageadvisor.co.uk/mortgage-help/mortgage-on-benefits/
I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.If i see a question that i know the answer to i will try my best to help. -
Most lenders want to see borrowers re-pay a mortgage by the time they are 70 so any applicant under say 55 would at best get a 15 year term, and if sole income is benefits then it's very difficult, using a "whole of market broker" can sometimes help.2024 The year of the general election...the time for change is coming 💡
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Much harder for anybody to get a mortgage at the moment with lenders pulling lending at the moment because of the turmoil in the financial markets triggered by the government.Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
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I would disagree with saying that people who are pensioners can get a mortgage as most lenders want the loan repaid by the age of 70, it's not impossible for someone on benefits but it is very difficult and would probably require a substantial deposit.2024 The year of the general election...the time for change is coming 💡
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