Mortgage on benefits

cinnamon

I am on incapacity benefit of £340 per month and wish to move home. I have sold my house and have enough equity to purchase another property but need a small mortgage of £20000. The property is worth £165000. Can anyone advise me of the best way to proceed. I have been dealing with Barclays for the past 6 months but they have been incredibly inefficient. I have already spent £1400 on searches, valuations etc. I can il-afford to pay out more money. Fee free mortgages would be preferable. Can anyone help?

Leon_W

I'd say you are better off carrying on with Barclays.

I'll be totally frank with you. You will find that very few lenders and few (free) brokers would be bothered with it as the time and effort expended isn't worth it. You may get a fee charging broker interested but are you willing to pay for that AND another valuation fee if necessary ?? Probably not. Give London and Country a ring, they do pride themselves on being fee free but I wouldn't hold your breath ?

Sorry if that is not what you wanted to hear but that is the situation as I see it. Give Barclays a rocket up the backside !!!

All the best.

dmg24

I don't mean to be personal but how will you pay for the mortgage?

poppy10_2

You'll probably have to take out an loan for the amount.