have to give up :(

finkle

Well am registered disabled and stopped work at Christmas. have accepted an offer on my house as just have to have a bungalow.

Have found one cheaper than my house and have tried to get a mortgage but Im afraid no-one will lend. Income of £2k a month and only wanted to borrow £40,000. I have never missed a payment on anything in my life and one company did a credit search and I came back as a low risk.

So it seems I am trapped in a house that I cant use. Am devastated, I know its a sign of the times that lenders wont look at benefits but it feels really unfair right now.

herbiesjp

What is the purchase price of the property?

There are lenders that could indeed use benefits to agree the mortgage - have you been looking yourself? Or gone via a broker?

McKneff

just curious, if the bungalow is cheaper than your house, why do you need a mortgage of £40K

Have you considered renting?

finkle

I still have a mortgage on the house..so have to redeem that.

I have tried a broker and also rang some mortgage lenders/building societies direct. My existing lender wont let me port my mortgage either, even though I have offered to reduce it. Earl Shilton B/soc said that they could poss offer £21,000 as they will look at some benefits.

Housing benefit is a no-no, no lender will look at this or ESA, or at least any of the lenders I have found.

jockosjungle

Is the income of £2k a month just benefits?

R

finkle

Its is mainly yes, DLA,housing benefit,tax credits,child benefit. Small NHS pension.

Conrad

I think there are lenders that would do this. Brokers ability varies widely just like footballers! This is a case that needs a lot of hard work by an experienced broker.

Don't give up.

SimbaSimon

If the new house is cheaper can you not just port your existing mortgage over?

finkle

No this was my first line of enquiry...sent a really nice letter explaining my circumstances and describing how it was impossible to live where I am due to my illness and Im afraid it was a no. I no longer fit the criteria. If I cant move I will have to keep my existing mortgage with them anyway and I even offered to reduce it as a sweetener.

finkle

Having just searched the forum I found a post to say that the Halifax and Nationwide are more favourable to some benefits. Just spoken to a lovely man at the Halifax who has given me a glimmer of hope and I have just applied on-line. I shall wait with baited breath!

herbiesjp

Good luck - but don't carry out too many credit searches, as too many in a short period of time can lead to problems.

Fingers crossed for Halifax.