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No Foster carer mortgage
dlsh
Posts: 3 Newbie
I asked for a £20000 remortgage today and was turned down. By Halifax. Unbelievable. I'm a foster carer so my income isn't recognised. For the last 3 years my income averaged £23000 but only £1800 could be considered under their rules. So apparently I couldn't afford the paltry monthly repayments.
According to the mortgage advisor I would struggle to get a mortgage anywhere.
It's such a small amount by today's standards. I'm in shock. And will probably lose my home because of it. I really didn't think there would be a problem.
According to the mortgage advisor I would struggle to get a mortgage anywhere.
It's such a small amount by today's standards. I'm in shock. And will probably lose my home because of it. I really didn't think there would be a problem.
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Comments
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Why will you lose your home because of it?I am a Mortgage AdviserYou 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
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I think you need to explain why.I'm in shock. And will probably lose my home because of it
At first glance it seems like a ridiculous statement.
(Oh, and see a broker).0 -
Ha ha.....how weird. Never heard that before. Is any if your income not taxable? If so that may be the issue.
What someone mentioned, how on earth are they going to make you lose your hone. Your current lender will do that not one you have no relationship with.0 -
:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0
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http://www.fostertalk.org/tax/social-security-benefits
There is something on here about foster carers being able to choose between income support and wtc and for mortgages wtc is better, so maybe you need to review how you claim your financial assistance? I know nothing other than what I've googled.:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0 -
That's the shortfall on £135000 interest only mortgage. Hadn't worried too much as I thought I'd be able to refinance.0
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Get a secured loan?I am a Mortgage AdviserYou 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
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I'm looking into Endsleigh. Thanks.0
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Personal loan? (I have no idea if this is a possibility or what the impact would be on your financial record, so for goodness sake don't do anything unless you thoroughly check it out):heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0
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Looks like a further advance not a remortgage which Halifax have binned off.0
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