Mortgage - on benefits

didabuf

Hi, I am looking for some advice please. My mortgage is up for renewal next mont, I'm with nationwide and my rates aren't all that bad, however I could get better but I don't know which companies except benefits as income.

I work part time and my wage is about £8000 per year, my partner is on Employment Support Allowance and receives about £10000 per year from that and his DLA we also get quite a good amount of tax credits, child benefits, and my I also get DLA for my son. It might seem like we get a lot of money off the state but please hold your judging, my parter lives with a life limiting disability and my son is autistic so it's not all roses and sunshine and I work hard for my wages, I also have 2 other children (they are actually triplets)

So can anyone help, I know there is better rates out there I just don't know if I can get them

ACG

What is the Value of the property?
How much are you looking for?

didabuf

We paid £150000 3 years ago, done a bit of work on it so maybe worth a little bit more and we owe about £103000

ACG

Depending on how much the other benefits amount to and the rest of your income/expenditure I dont think it will be impossible to place with another lender.

You may find your options are limited though as not all lenders like so much of your income to come from benefits. Your either going to need to do a lot of research here or speak to a broker.

didabuf

We get about another £130000 in other benefits,
I just didn't know if anyone knew of other lenders that took that much income?

I've never seen a broker so not really sure what they do but maybe it's something I need to look at.

Poppie68

You need to recheck your partners benefit payments... ESA at the highest rate for a single claimant is under £6000 not £10,000.



Edit....sorry its a little over £6000.

Thrugelmir

didabuf wrote: »

So can anyone help, I know there is better rates out there I just don't know if I can get them

Have you rung the NW to see what they'll offer you?

didabuf

Poppie68 wrote: »

You need to recheck your partners benefit payments... ESA at the highest rate for a single claimant is under £6000 not £10,000.



Edit....sorry its a little over £6000.

Apologies you are right, that's his esa and DLA together, my mistake!!

didabuf

Thrugelmir wrote: »

Have you rung the NW to see what they'll offer you?

Yea, it's out 2.89/2.99 % depending on the term

Poppie68

didabuf wrote: »

Apologies you are right, that's his esa and DLA together, my mistake!!

No apologies needed, I just didn't want you to sit there going through figures to find out they were incorrect and have to start again...Good luck .

Thrugelmir

didabuf wrote: »

Yea, it's out 2.89/2.99 % depending on the term

Those are competitive rates.

If you remortgage then you'll need to budget for potential additional costs. Legal, Product , Valuation and Mortgage exit fee.