Disability Benefit Mortgage??

Simez

Hi all this is my first ever posting on MSE. I hope I'm clear and concise and not asking too much of your collective expertise.
I'm 51 and receive disability related benefit, and have done these past 10 years. Ive been renting a 3 bed house for as long, at first from a guy i knew, (hence being able to afford the rent- along with the minimal housing benefit), but he went bankrupt 3 years ago and since then from the bank. However they have been unsuccessfully trying to sell it , and now it is going into auction next month, with an estimated price of only £25-35k. (And with me as a sitting tenant I might add.)
I currently get £280/month housing benefit, and top-up the remaining £40 of the modest £320/month rent.
I was wondering if there was any possible way of me buying, co-buying, or the like my home?

Caz3121

auctions may not be the best place to look for properties unless you have all the finances lined up as you will be required to complete quickly to avoid losing the deposit (10%?) which needs to be handed over on auction day
This means you would need to have surveys completed, legal stuff looked over and mortgage in place before the day of auction...all wasted costs if the bids go higher than you are able to offer...
If you are a sitting tenant, will your rent amount be protected? do you really want the hassle and expense of being a homeowner?
currently £40 per month rent, boiler breaks - call someone they fix it, roof leaks - call someone they fix is
buy a property - mortgage payment (you may qualify for help with the interest but not till after 39 weeks) boiler breaks - you are responsible for fixing/replacing it, roof leaks...etc
I guess there is a lot to consider here

MortgageMamma

I echo what Caz3121 says. There are lenders that will consider lifetime awards for benefits such as DLA/PIP but I think has to be a lifetime award and I'm not sure how they'd look at ESA. as its not straightforward and perhaps not even viable I don't know if it could be done prior to an auction, and you would have to have the cash deposit plus legals fees ready as well.

Simez

Thanks, that's my chief concern- my rent isn't protected, and seeing as it's a 3bed house I can only see it heading in one direction.

Simez

As I'd thought really then. Not a lifetime award so no guarantee. Just seems a great shame to pass up this opportunity of getting my home at a V.cheap price. Oh well. Thanks for your advice.