Benefits and mortgages

brumvixen

Hi guys

I know some mortgage companies accept some benefit payments to count towards income but do any offer small amounts ie like £30k if you're entire income is benefits? I have £25k equity in the bank after selling our ex marital home and really want to purchase a shared equity. However where I am I'd need about £50k ish to purchase something suitable. I'm on disability benefits and likely to be long term so probably more guaranteed than an income would be. Any ideas?

Thanks Vicky xx

Housing_Benefit_Officer

A quick Google search finds mortgages available.

Best to post on the Mortgages and Endowments forum http://forums.moneysavingexpert.com/forumdisplay.php?f=15

[Deleted User]

No benefits are guaranteed Im afraid. Not impossible to get a mortgage on benefits but not easy.

HappyMJ

venison wrote: »

No benefits are guaranteed Im afraid. Not impossible to get a mortgage on benefits but not easy.

In my life benefits have been more guaranteed than any employment ever has been. I've been made redundant with no notice before and ever since I've learnt to live on the amount that benefits pay so I'm never exposed to shortfalls in my budget ever again. I have never lost benefits with no notice. The last time they were reduced (reduction in Housing Benefit from 50% to 30% of affordable properties) it took years for the reduction to take effect.