£30,000 mortgage possible on benefits?

Hannah_Wise

Hi all,

This is my last resort, so I hope someone can help. I live alone in a 3 bedroomed spacious house, that's worth £95,000. I am disabled and currently on benefits (ESA and DLA). My house is fully paid up. I would like to sell it, and move to a ground floor flat nearer to friends and family. For that I need to raise £30,000 mortgage. I have been asking around with several mortgage advisers, but so far no luck. I have seen a flat that would suit me very well, so I am desperate to find a solution before it is too late. My total annual income is just under £14,000 with the ESA and DLA combined, and I have no other commitments. I know I would be able to afford it, as the flat being near to 2 universities in Leicester, I could take a student lodger, which I have done before, if I need to. With 75% positive equity, on a £120,000 flat, is there any lender that would be willing to take a low risk in lending £30,000 to me?

Thanks.

Conrad

Yes I'm surprised you haven't been given a more positive response. Maybe shop around a bit more, but do beware the sharks - salesmen types that tell you only what you want to hear.

kingstreet

This outfit specialises in homes for the disabled who only have benefits for their incomes. They use interest-only lending (or did) which means you can obtain state benefits to pay the mortgage;-

http://www.mysafehome.info

Hannah_Wise

Thanks, kingstreet; That's helpful. I will certainly give them a try.

To Conrad, Thanks for that advice. So far, I have spoken to several mortgage advisers, and none of them have come back to me with a "Yea" or a "Nay", so I'm assuming that they have not been successful in finding any lender for me, otherwise they would have let me know in order to collect their fee!

ACG

Ive literally just completed on a Mortgage for someone whos sole income was DLA. Its certainly possible and with a high street lender on decent rates.
If you find a half decent broker this should be possible to place.