will anyone give me a mortgage?

twinkle_star_7

hi all,
Im hoping someone out there can give me some help and advice about whether or not i can get a mortgage.
Il try to explain my situation as best as i can so here goes:
Due to my son having disabilities i have been unable to work for some time, I am hoping to return to full time work in a few years (depending on my sons condition).
In the meantime our household income comprises of: Income support, Disability living allowance, carers allowance and child benefit.
We are living in a council property which I was hoping to buy, the property has been valued at £113.500. I have the full discount of £26,000 and the council have offered me the property for £87,500. I have a deposit of £20,000 so i was looking at a mortgage of £67,500.
With house prices on the increase I was hoping to buy the house now rather than wait a few years.
Ive been intouch with a couple of the "whole of the market" brokers who cant seem to help me due to the lenders that they tried not accepting the income support which is the main bulk of my income.
Does anyone know who will give me a mortgage under my current circumstances? Any help and advice will be really appreciated.

leftieM

Have you looked on the internet? I tried to find something but didn't come up with anything. I think you'll find it impossible to get a mortgage while on benefits. Hopefully one of the FAs will come along to clarify the situation. Good luck!

A_Nice_Englishman

You have a more optimistic view of house prices than many people!

Another thing to think about is whether buying your council house would be a good long term investment.

Is it in a good state of repair? You will have to pay for all repairs once you've bought it.

Have many in your area been bought? If so, what are they selling for now? (that might be quite different to the valuation you have). If not, consider why not.

Will you still be able to afford the mortgage if rates rose to 8% or 10%? That is not impossible over the next 25 years.

twinkle_star_7

thanks for your responses, i think buying the house would be a good investment (if i can get mortgage). The house is in a good state of repair and in a nice sought after area, many of the houses have been bought already. A couple of houses have been sold recently for a slightly higher asking price than the valuation i have received but they do have more land with them.
I think i would be ok if mortgage rates were to rise, its trying to find one

A_Nice_Englishman

Sounds like it would be a good buy then twinkle star, but I can't help with finding the mortgage I'm afraid.

By the way, how come you get Income Support if you have £20000 savings? I thought £16,000 was the limit

twinkle_star_7

I only have around £5k but ive got a couple of nice family members who want to help me with the rest of deposit

Skint-gall

You may get help with the interest on your mortgage as part of your income support. Contact Jobcentre Plus who can give you nore information on this.

twinkle_star_7

Thanks for that, i may speak to them at a later date "IF" i can get the mortgage, ive left my details with a few different brokers tonight through the internet, hopefully i should get a couple of phone calls tomorrow, so il see if i can get anywhere this time. Il keep you all posted

roswell

Not being funny but surely you are getting houseing benifit and if thsi is the case the mortgage will be a LOT more expensive than your current rent in which case think of it like this, You are currently living in a house valued at £113.500 and paying no where near that in rent.

roswell

or another way to look at it is your cureently "Cant loose" your home, if for any reason you cant afford the mortgage and the house is reposessed where willl you live ? or if house prices fall you will be safe as a council tenant but not as a home owner.

twinkle_star_7

hi, thanks for your reply, the problem i have is that the house is quite small. The council havent got anything larger in the surrounding area and moving away from the area isnt really an option (due to my son)(although it is one that ive thought of). I wanted to buy the house and was hoping to return to work then extend the house. If the worst ever came to the worst we would never be homeless. It may sound daft to somepeople wanting to buy the house when i am a secure tenant but i feel stuck in a bit of a rut at the moment, and as i said moving isnt an option.