Mortages For People On Benefits

denyse_marston

I Am Currently On Benefits, I Have Not Missed A Mortgage Payment In Three Years (since My Divorce) Is There A Provider Who Will Consider People On Benefits

tomthebomb1968

Hi Im on benefits too since an accident in 1999. All lenders will look at people on benefits to my knowledge. I am with the Abbey now and was on a standard variable rate which is around 7.5%. The DSS pay 100% of the interest on my mortgage. The DSS rate of payment is now 7.8% so they will actually be paying more than the mortgage amount. I asked the DSS if I got myself onto a deal at a lower % rate would they still pay at 7.8%. The answer was YES. So They are overpaying now by £116 per month, before I was topping up the payment by £71. This is legal and above board but the Dss And the lenders wont tell you.

Trishh_2

I've always thought Lenders wouldn't consider lending to someone on Benefits.
Some have lending criteria that even specify the minimum amount you MUST be EARNING to apply.
You mentioned Abbey ... were you with them before you were on benefits or was it a new mortgage WHILE you were on benefits?

Thanks.

cattie

Means tested benefits such as income support are not taken account of as earnings for mortgage purposes by lenders, so you need take this into account

Your existing mortgage provider should always be your first stop for remortgaging or a new mortgage as they know your history & ability to make repayments & you are more likely to have success with them.

Northern Rock are one lender who I've heard who are generally happy to give mortgages when the income is benefits.

HelpWhereIcan

Depending on which benefits you are receiving, your total income and any spouse's income, the amount you want to borrow, the house value, credit history etc etc

....... you may want to look at the Nationwide and Yorkshire B Soc/Accord as being lenders who will accept benefits income (depending on what it is) and represent good long term value by potentially saving you the costs of having to remortgage to avoid paying Standard Variable Rate