Can you get a mortgage whilst on benefits?

tinkledom

Hi, My wife is 69 and receives her state pension, and I am due mine in June when I attain 65. She receives max Attendance Allowance and I receive max mobility and mid care of DLA. We both claim Carers Allowance for each other.
We receive a top up of Guaranteed Pension credit of £116.32 a week which takes our combined income from all sources up to approx. £588 a week excluding Council tax Benefit.


What level of mortgage do you think we could get based on that income? And at what rate of interest is it likely to be?


We are looking at a LTV of about 40% based on a purchase price of £400,000 (looking to borrow £160,000). We have equity in our current home (£100,000) and a cash deposit of an additional £140,000.



Good credit record, with about £5000 outstanding over 2 credit cards that can be paid off if need be. We currently save approx. £400 a month out of our income which we give to our daughters'. This could be stopped making additional monies available.

jacques_chirac

Please just go away now ...

margaretclare

Right. I will answer your question.

The answer is 'I don't know'. And neither, I suspect, does anyone else hereabouts.

The simplest course of action would be to do your own leg-work. Go and ask various mortgage-providers. Don't just take the word of the first one, ask half a dozen, and make up your own mind based on the answers you receive.

Don't necessarily state in your first sentence that you are on benefits. Say you're looking for a mortgage. Then, and only then, as you'll have to do anyway, go into details about your financial circumstances, where you get your money from, the time-scale, how you expect to repay etc.

Poppie68

I would'nt worry about it because when you inform the DWP about your improvement in your health and the DLA is removed you won't have the income for a mortgage anyway.

I-W

tinkledom wrote: »

We both claim Carers Allowance for each other.

How does that work? You aren't able to care for yourself but are able to care for each other?

dori2o

I-W wrote: »

How does that work? You aren't able to care for yourself but are able to care for each other?

0because not everyone has the same care needs.

My parents get CA for each other.

There are things both of them cannot do but they work together to do them between themselves. There are things each of them cannot do that the other can so they help and care for each other.

I can't see why there is such a big fuss made about it to be honest, it's a pittance compared to what it would cost if they had carers provided by the state (LA) to do the things they both struggle with.

HOWMUCH

I would think you'd be too old to get a mortgage anyway at 69 and almost 65.

NYM

tinkledom wrote: »

Hi, My wife is 69 and receives her state pension, and I am due mine in June when I attain 65. She receives max Attendance Allowance and I receive max mobility and mid care of DLA. We both claim Carers Allowance for each other.
We receive a top up of Guaranteed Pension credit of £116.32 a week which takes our combined income from all sources up to approx. £588 a week excluding Council tax Benefit.


What level of mortgage do you think we could get based on that income? And at what rate of interest is it likely to be? .....

:shocked: :huh: :shocked: :huh: :shocked:

On 13/1/14 you wrote;

tinkledom wrote: »

We both get the State Pension only. We had AgeUK look at the Pension Credit thing, but according to them we had too much capital and income.

you also wrote this;

tinkledom wrote: »

I would not disagree that life is far far easier now for both of us. However that doesn't pay the bills. We still have to live and with the Attendance Allowance we just about scrape through each month. Without it will mean a considerable reduction in living standards. Our weekly income will go down from £310 to £230.

I would have thought it vitally important to have a good memory if you're not an honest person

tinkledom

dori2o wrote: »

0because not everyone has the same care needs.

My parents get CA for each other.

There are things both of them cannot do but they work together to do them between themselves. There are things each of them cannot do that the other can so they help and care for each other.

I can't see why there is such a big fuss made about it to be honest, it's a pittance compared to what it would cost if they had carers provided by the state (LA) to do the things they both struggle with.

Put it another way, we all know what goes on, including even those amongst us that actually claim it like we do!


But hey, it's worth an extra £33.30 a week each!

tinkledom

NYM wrote: »

:shocked: :huh: :shocked: :huh: :shocked:

On 13/1/14 you wrote;



you also wrote this;




I would have thought it vitally important to have a good memory if you're not an honest person

That's what I mean about the DWP, you honestly wouldn't believe how many changes they have made to our income over the past couple of months.
We don't know if we are coming or going half of the time!

Poppie68

Tut tut Tinklepants are you still dribbling drivel over your keyboard... you will never get into heaven telling all these porkies...