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53, Unemployed, Can I get a mortgage?
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PanickingPaul
Posts: 1 Newbie
I have been un-employed for 2 years, I'm 53 and at present have a mortgage which is being covered by DSS. I have been told that if I lose my house all I'll be offered is a hostel place. But that they can continue with assistance if I wish to sell my home and buy something smaller. Can anyone give me a list of reputable providers that may be able to give me a mortgage?
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Probably easiest to move your existing mortgage to the new property as that will avoid the credit check.0
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I think there would be more to fear from an earnings checkI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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Probably easiest to move your existing mortgage to the new property as that will avoid the credit check.
It doesn't - porting a mortgage will always result in a further credit check to determine the up to date position of the applicantNumber 86 - Stole a car from a one legged woman... I'm just trying to be a better person0 -
Have you approached your present lender to see what they can offer? I would have thought this would be your best bet to begin with.
Although your circumstances may have changed since you originally took out the mortgage & you have less money coming in & now living on benefits, your current lender will know how you have coped with the mortgage since becoming unemployed & indeed you can point this out to them. If you are not in arrears & not asking for a higher mortgage than the current one then you are likely to have a favorable response.
Just for information, the Dwp will continue to pay interest on a new mortgage as long as it's not for a higher amount than the one you have currently.
I've heard Northern Rock consider people living on benefits for mortgage purposes, so if no joy with your current lender maybe try them.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
No offence, but if you don't already have/had a mortgage, then don't you think its a bit late in the day (most people around 55 are mortgage free and settled).0
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Most people? I doubt it! The lucky ones perhaps!0
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Most people? I doubt it! The lucky ones perhaps!
Don't forget these fortunate ones will have purchased at a much lower price, hence more chance of them paying off early (and not at spiralling out control prices of today for new/ft buyers - who no doubt will be lucky to have theirs paid by the time they're 65!)0 -
A lot on what you can do here depends n the following
what is your outstanding mortgage amount
how much is your property worth
how much do you need to buy somethig smaller
do you have a pension due anytime soon
do you think there will be any changes to your circumstances, i.e. going abck to work
Do you have a wife or partner who could help support the payments/living costs
If you can answer these I will try to help youI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No offence, but if you don't already have/had a mortgage, then don't you think its a bit late in the day (most people around 55 are mortgage free and settled).
If you read his post you will see that Paul states that dwp are currently paying interest on his mortgage. This equates to him actually having a mortgage. :rolleyes:The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
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