Pension mortgage

SilverStandard

I have just turned 65 and got my state pension along with a small private one.

Reading through it all it seems if I had a mortgage they would pay the interest.

Would this aply to a private mortgage?

seven-day-weekend

Can you clarify further please?

Who would pay the interest?
What is a private mortgage?

Thanks

SilverStandard

seven-day-weekend wrote: »

Can you clarify further please?

Who would pay the interest?
What is a private mortgage?

Thanks

I am getting LHA and CT ben but dont like renting.

Now house prices are coming down in my area we are thinking of buying but when I try and get a mortgage they say no way.

But more and more sellers are accepting private mortgages now, leave the banks out of it.

So there is a small place we are interested in they will accept a private mortgage interest only, will the governmant pay the interest instead of my rent?

It works out about the same amount per month.

asandwhen

SilverStandard wrote: »

I am getting LHA and CT ben but dont like renting.

Now house prices are coming down in my area we are thinking of buying but when I try and get a mortgage they say no way.

But more and more sellers are accepting private mortgages now, leave the banks out of it.

So there is a small place we are interested in they will accept a private mortgage interest only, will the governmant pay the interest instead of my rent?

It works out about the same amount per month.

If you believe your signiture why do you want to buy?

SilverStandard wrote: »

If prices can fall 20% even with the lowest rates in 400 years and before unemployment kicks in, how people imagine it's going to stay static or rise once this all gets going, I simply cannot imagine.

McKneff

Even if the rent and the mortgage is the same or even less
you cant seriously believe that tax payers wil buy a house for you, do you.

Why have you asked the same question on another thread

dmg24

Surely you have more income than just your pension - you have a one year old child?

Who would your mortgage be with, which 'private' lender?

Are you in receipt of Pension Credits? Do you have a medical need to move?

cattie

DWP will not pay interest on new mortgages taken out whilst claiming a means tested benefit. This is to stop people buying a home with the express intention of getting the tax payer to foot the bill for the interest.

Anybody who already had a mortgage up & running & then became to sick to work or lost their job would continue to qualify for mortgage interest even if they took out a new mortgage, providing the new mortgage was not for a larger amount than the original loan.

seven-day-weekend

I still don't understand what a private mortgage is??

[Deleted User]

seven-day-weekend wrote: »

I still don't understand what a private mortgage is??

Private mortgages are unusual now,but in 1959 my in laws bought their first home with such a mortgage,it was provided by the people they bought the house off at a fixed rate for 20 year,abit like rent to buy i suppose

seven-day-weekend

Like Bank of Mum and Dad??

SilverStandard

cattie wrote: »

DWP will not pay interest on new mortgages taken out whilst claiming a means tested benefit. This is to stop people buying a home with the express intention of getting the tax payer to foot the bill for the interest.

Anybody who already had a mortgage up & running & then became to sick to work or lost their job would continue to qualify for mortgage interest even if they took out a new mortgage, providing the new mortgage was not for a larger amount than the original loan.

Thanks for that, finally a useful helpful post.

But this apply to pensioners?