How to find a mortgage provider that accepts disabled people on benefits?

Scapegoat101

@TomTonTom

You would be wrong there. Barclays have offered many disabled people mortgages who's income solely derives from benefits. I should know since I have had a mortgage from Barclays for 2 years which is based on ESA, PIP and Permitted Work.

And I've nearly paid it all off!

Scapegoat101

@ Teddys Mum

There are different views of the economy in the financial sector so the likelihood of some banks lending to sub-prime applicants is likely.

You also need to factor in the effect of huge stimulus across the 4 main reserve currencies of the world. Yen, Euro, Pound and Dollar. Interest rate rises cause more debt to be paid on Government Bonds and this costs these particular Governments more money in the long run which they cannot afford.

You also might want to factor in the US economies addiction to QE stimulus and the consequence of the Wiltshire 5000 Index following US base currency instead of moving freely.

The belief that interest rates are going to rise is just political hype by a corrupt Central Bank chairman who is trying to secure a Democrat win in the US before the whole world economy goes down hill.

Interest rates won't go up until we have a complete global melt down.

Now that is interest rates out the way. What next? How disabled people are suppose to use their benefits & wages?

Okay. Disabled people in this country have 2 options when it comes to work. They can do the following.

A. Permitted work. = 1 to 15 hours a week. They keep their ESA and their PW wages are paid on top. The max a disabled person can earn over 25 is £108
B. Tax Credits. = 16 hours+ a week. At 16 hours someone in the WRAG group can get £92 top up a week and someone in the Support Group can get £116 top up a week.

Like it or not people on ESA or Tax Credits will get £5000 on average in wages if they choose to do some work.

They can use that for whatever they like just like you can use your wages for whatever you like.

Now when it comes to benefits there are no laws stating what ESA & PIP can be used for. There is only deprivation of income but I am afraid mortgage payments are allowed in this category.

tomtontom

Scapegoat101 wrote: »

@TomTonTom

You would be wrong there. Barclays have offered many disabled people mortgages who's income solely derives from benefits. I should know since I have had a mortgage from Barclays for 2 years which is based on ESA, PIP and Permitted Work.

And I've nearly paid it all off!

Anyone remember controversy?

Scapegoat101

Fantastic fellow. He told me about the loophole. He is on First Direct mortgage according to my knowledge now.

I have his Skype anyway if you want any questions asked.

The guy should be given a award considering he challenged all the Jobsworths on MSE forum till the end. Well until he got banned.

GobbledyGook

_shel wrote: »

You really thought you could pay off a mortgage with housing benefit?

In some circumstances that could actually make sense if you think of it.

If someone is long-term disabled with no chance of improvement, especially if they have no chance of working, then allowing them to buy a home and pay it off with HB for 15-20 years may actually save a lot of years of HB. It would also give an asset to pay for care fees in later life.

It would be a better option if people could access decent social housing in circumstances like that, but that's not happening theses days so thinking about it sometimes mortgages being allowed would save money.

dktreesea

chris112 wrote: »

thanks but ive since learnt you çant use housing benefit to pay off mortgages
so this rules out my chances of affording a mortageg

You can still get housing benefit to cover the rent on the part of the property you don't own, just not for the mortgage payment itself.