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  • FIRST POST
    • leilasmummy
    • By leilasmummy 20th Apr 17, 9:38 AM
    • 14Posts
    • 18Thanks
    leilasmummy
    On benefits how can I change my mortgage deal?
    • #1
    • 20th Apr 17, 9:38 AM
    On benefits how can I change my mortgage deal? 20th Apr 17 at 9:38 AM
    Good morning, I'm currently on benefits and I have a mortgage, am I able to switch to a better deal? or will that risk that my mortgage will be declined due to being on benefits. I currently recieve help for my mortgage so the company is aware.
    But I'm scared they could ask for it all to be paid back cos currently I have no means of paying it (it's on interest only ).
    Any ideas.
Page 1
    • csgohan4
    • By csgohan4 20th Apr 17, 9:46 AM
    • 3,766 Posts
    • 2,351 Thanks
    csgohan4
    • #2
    • 20th Apr 17, 9:46 AM
    • #2
    • 20th Apr 17, 9:46 AM
    did you have a payment vehicle in place when you got the interest only mortgage?


    Downsizing maybe an option?


    When does the mortgage finish?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • leilasmummy
    • By leilasmummy 20th Apr 17, 9:56 AM
    • 14 Posts
    • 18 Thanks
    leilasmummy
    • #3
    • 20th Apr 17, 9:56 AM
    • #3
    • 20th Apr 17, 9:56 AM
    I've got no payment vehicle in place and my ex husband had all my savings.
    Can't downsize but otherwise great idea. (Can't get any smaller than what I have ) .
    Got more than 10years to run which is fine as on benefits is only short term it's just my current deal is awful and if I was working I would change it immediately. But worried I can't cos of being on benefits.
    • macman
    • By macman 20th Apr 17, 10:30 AM
    • 41,291 Posts
    • 16,954 Thanks
    macman
    • #4
    • 20th Apr 17, 10:30 AM
    • #4
    • 20th Apr 17, 10:30 AM
    You can apply, assuming you are out of any minimum term, but your application will be based on your current income. So if you expect your income to rise in the near future, wouldn't it be better to wait?
    Not really possible to give more specific advice without knowing the size of your mortgage, income etc.
    But how are you planning to repay the capital in 10 years time without any repayment vehicle in place now?
    No free lunch, and no free laptop
    • blueorchid
    • By blueorchid 20th Apr 17, 1:29 PM
    • 19 Posts
    • 8 Thanks
    blueorchid
    • #5
    • 20th Apr 17, 1:29 PM
    • #5
    • 20th Apr 17, 1:29 PM
    yes it is possible. see this for a workaround: http://www.moneysavingexpert.com/news/mortgages/2016/06/i-was-a-mortgage-prisoner-but-escaped-thanks-to-mse-and-saved-3600
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