Mortgages for the disabled.

finkle

I have an existing mortgage on a house that I can no longer use. Two flights of stairs etc. I have accepted an offer on it and have offered on a cheaper bungalow that has been accepted.

Stupidly I presumed that as I have had a mortgage for years and never missed a payment that getting another mortgage would just be easy!

However it appears that the chances of getting a mortgage now that I am unable to work is slim to nothing. This means I will have to stay where I am which to be honest doesnt bear thinking about.

Does anyone have any experience or know of lenders that will do mortgages for disabled people. I know they are reluctant to lend to anyone at the moment but I will have a 50% deposit and my income is good, many thanks in advance.

_Andy_

What is your income and where is it derived from?
What is the new purchase price?

finkle

Thanks for your reply..income is derived from DLA,ESA, family tax credit, housing benfit, child allowance and a pension.

Purchase price of property is £140,000.

_Andy_

Hi - could you provide a breakdown of the income?

Wh05apk

I would suggest you contact your existing lender, provided they maintain their security and LTV and you are reducing the mortgage amount, they should look at it, as ultimately it will put them in a stronger position.

alfiesmum

It may not be your disability that is putting off prospective lenders. It could be your housing benefit. It illustrates to them that you canot meet repayments yourself. If you take out a new mortgage it is unlikely that housing benefit would continue. Looking at it quite plainly, any person who cannot afford a house of their own, would get a mortgage, and then claim HB to fund it. Perhaps finding a suitable house for your current needs would be best met by renting? I would think there's a better chance of your HB still being paid on a new property then. Of course I could be talking complete rollocks, it's happened before. Best of luck with it all. xx

Wh05apk

Again existing lender the best bet, if HB will agree to continue benefits, which they should if moving to a cheaper, more suitable property, lender will normally go with.

vulcan1964

How are you claiming housing benefit with a mortgage? it is for rent only.