53, Unemployed, Can I get a mortgage?

PanickingPaul

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?

Andy_L

Probably easiest to move your existing mortgage to the new property as that will avoid the credit check.

Mr_helpful

I think there would be more to fear from an earnings check

dwight-van-man

Andy_L wrote: »

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 applicant

cattie

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.

mchu6am4

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).

DawnW

Most people? I doubt it! The lucky ones perhaps!

mchu6am4

DawnW wrote: »

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!)

MortgageMamma

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 you

cattie

mchu6am4 wrote: »

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:

mchu6am4

cattie wrote: »

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:

Sincere apologies :embarasse

(I'm very bad at reading carefully - I hope when I sign my contract I'm not this bad!)