mortgage to buy a house

hi all i am interested in buying a house with my partner.i am receiving dla due to long term illness.my partner has recently started a job and we would like to buy our first house for us and our kids.my partner only works part time as i am unable to look after our kids on my own due to all the medication i am on so our income is low.does anybody have any information on loans,grants,mortgages that are available for familys who receive dla or on low income?thanks
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  • iamana1ias
    iamana1ias Posts: 3,777 Forumite
    mat85 wrote: »
    hi all i am interested in buying a house with my partner.i am receiving dla due to long term illness.my partner has recently started a job and we would like to buy our first house for us and our kids.my partner only works part time as i am unable to look after our kids on my own due to all the medication i am on so our income is low.does anybody have any information on loans,grants,mortgages that are available for familys who receive dla or on low income?thanks

    You won't get 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 hair
  • Unfortunately it's highly unlikely that you will be able to buy your own house on a low income, with only part-time earnings, and I very much doubt if you would get a mortgage. It does depend on where you live, and how much house prices are in your area. You could try a housing association scheme, but you would still need a reasonable income.

    My daughter and her partner are in their late thirties with three children, have good jobs, and their joint income is £90,000 a year, and even they can't afford to buy a house, although granted this is in South London!
  • dmg24
    dmg24 Posts: 33,925 Forumite
    How would you intend to repay the mortgage?
    Gone ... or have I?
  • The shared equity scheme might be an area worth exploring, a flexible equity loan of between 25 to 75 percent of the households' current mortgage to reduce mortgage payments. As ' sueturnersmith ' says in #3 approach a Housing Association and ask the question.
    Disclaimer : Everything I write on this forum is my opinion. I try to be an even-handed poster and accept that you at times may not agree with these opinions or how I choose to express them, this is not my problem. The Disabled : If years cannot be added to their lives, at least life can be added to their years - Alf Morris - ℜ
  • iamana1ias
    iamana1ias Posts: 3,777 Forumite
    Even the shared equity scheme requires a deposit.
    I was born too late, into a world that doesn't care
    Oh I wish I was a punk rocker with flowers in my hair
  • pwales_2
    pwales_2 Posts: 523 Forumite
    the goverment just anounced help for first time buyers .......but if ur income is very low repayments may still be to high even if you get a morgage ............i wish i was still renting because if i was it would be rent free but because i have morgage i still have to find the full amount............so rent aint so bad
  • iamana1ias wrote: »
    Even the shared equity scheme requires a deposit.

    It most certainly does, no one in their right mind would assume anyone would lend you the price of a house without a deposit, I assumed the O/P knows that. :)
    Disclaimer : Everything I write on this forum is my opinion. I try to be an even-handed poster and accept that you at times may not agree with these opinions or how I choose to express them, this is not my problem. The Disabled : If years cannot be added to their lives, at least life can be added to their years - Alf Morris - ℜ
  • sheeps68
    sheeps68 Posts: 670
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    You would get a motgage if you have a huge deposit but unfortunately the amount you'd get would be about enough to buy a shed or garage unless of course the part time job pays hugely and if it does please share with the rest of us what the proffession is so we can all look at a job change. I'd be looking at part ownership or housing association if at all possible.
  • sardine
    sardine Posts: 131 Forumite
    edited 26 March 2011 at 8:52PM
    mat85 wrote: »
    hi all i am interested in buying a house with my partner.i am receiving dla due to long term illness.my partner has recently started a job and we would like to buy our first house for us and our kids.my partner only works part time as i am unable to look after our kids on my own due to all the medication i am on so our income is low.does anybody have any information on loans,grants,mortgages that are available for familys who receive dla or on low income?thanks

    Quite honestly you won't be able to!!!

    The rule of thumb now is that you must be able to show that you could meet the mortgage every month out of net spendable income.

    Or, look at it another way, the max mortgage would be approx 3 times what you earn in a year AND to have upwards of 25% of the purchase price as a cash deposit.

    Say earnings £10,000pa = mortgage £30,000 + deposit £10,000 = max house price £40,000.

    And that is if you are able to meet the repayments depending on what else you are already and likely to pay out + a squeaky clean credit file!

    The days when 20yr olds were able to buy their first house are long long gone.
    (I was 25 and owned two properties back in the early 70's!!!)
  • iamana1ias wrote: »
    Even the shared equity scheme requires a deposit.


    And in my area, an income in excess of £23,000 pa.
    I could dream to wide extremes, I could do or die: I could yawn and be withdrawn and watch the world go by.
    colinw wrote: »
    Yup you are officially Rock n Roll :D
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