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100 mortgage for people on benefits?
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Katerose_2
Posts: 18 Forumite
Basically, my husband and I are unemployed - I'm disabled and he is my full time carer. We receive benefits.
Could we get a mortgage? We don't have any money for a deposit.. but I'm wondering if it is actually possible to get a mortgage as we're sick of renting.
Could we get a mortgage? We don't have any money for a deposit.. but I'm wondering if it is actually possible to get a mortgage as we're sick of renting.
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Erm, no chance.I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
Basically, my husband and I are unemployed - I'm disabled and he is my full time carer. We receive benefits.
Could we get a mortgage? We don't have any money for a deposit.. but I'm wondering if it is actually possible to get a mortgage as we're sick of renting.
What do you think is the answer ?0 -
Somebody earning £500k a year won't get a 100% mortgage.
Some benefits can be used for mortgage purposes and an exception to the 100% mortgage rule will be right to buy.
But I think you're going to struggle.0 -
You currently get your rent and council tax paid on the grounds that your benefit entitlement is not enough to pay them yourself. How on earth would you pay a mortgage??!I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
logically, the answer is no.
a) Do you have any savings for a deposit? A minimum of 10% is needed.
b) What is your salary between you per month?
c) If interest rates go up to 8%, would you be able to make the payments?
If you answer no to a or c, then the answer is no I'm afraid.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
originalmiscellany wrote: »logically, the answer is no.
a) Do you have any savings for a deposit? A minimum of 10% is needed.
b) What is your salary between you per month?
c) If interest rates go up to 8%, would you be able to make the payments?
If you answer no to a or c, then the answer is no I'm afraid.
The answer is also no to b) as their only income is from benefits (so zero salary)I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
Well iamana1ias, that's the answer then! No sir!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Is it just me or does it sound kind of crazy to expect benefits to fund an asset for someone!!!0
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Rainmaker_uk wrote: »Is it just me or does it sound kind of crazy to expect benefits to fund an asset for someone!!!
No mate, it's everybody, with the exception of the OP>:rotfl::rotfl::rotfl:make the most of it, we are only here for the weekend.
and we will never, ever return.0
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