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getting a mortgage when your income is from an insurance policy?
merlin777
Posts: 60 Forumite
Hi there.
I’ve just turned 50 and I’ve been disabled for 5 years with mobility problems. I’m currently in a wheelchair and more or less housebound. I desperately need to move from my current house into a wheelchair-friendly bungalow- preferably one I can future-proof for when I get older without having to relocate again.
The problem I’m having is getting a mortgage to be able to move. Although I have a lot of equity in my current house and I can comfortably afford my current mortgage, my income is from an income protection insurance policy and although its guaranteed until I’m 65, I haven’t been able to find anyone who will include it in a credit score. I have a friend who might be prepared to act as a guarantor using the equity he has in a buy-to-let property but I have no idea how that works or if it’s possible in this case.
If there’s any way you could assist with some advice I’d be very grateful.
I’ve just turned 50 and I’ve been disabled for 5 years with mobility problems. I’m currently in a wheelchair and more or less housebound. I desperately need to move from my current house into a wheelchair-friendly bungalow- preferably one I can future-proof for when I get older without having to relocate again.
The problem I’m having is getting a mortgage to be able to move. Although I have a lot of equity in my current house and I can comfortably afford my current mortgage, my income is from an income protection insurance policy and although its guaranteed until I’m 65, I haven’t been able to find anyone who will include it in a credit score. I have a friend who might be prepared to act as a guarantor using the equity he has in a buy-to-let property but I have no idea how that works or if it’s possible in this case.
If there’s any way you could assist with some advice I’d be very grateful.
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