Homeowner on benefits needing loan

ScotDogLady

Hello :wave:

Is anyone able to tell me if it's possible for someone on DLA and ESA who owns their home outright to get a large ish loan? I urgently need to borrow £10-15,000 to repair the roof on my house. I have serious, long term water ingress problems with my roof and have been quoted £11,000 plus vat to renovate the roof.

I do not work any more due to significant mental health problems. I was medically retired from my profession on health grounds and receive a tiny occupational pension each month of about £285. I also so receive Disability Living Allowance (approx £400 per month) and Employment Support Allowance (Approx £488 per month). I am in the ESA support group.

I do not have a mortgage (sold home, paid back mortgage and bought current house with money left over). House is in very poor condition as a result of the roof.

I could probably borrow some of the money needed from family but not the whole amount. Is there any point in someone with such a poor credit profile attempting to get a loan? If it is possible, where would I look? Assume no high street bank would consider me.

spadoosh

Cant help with the finance question im afraid but £13000 seems like a lot of money for renovating a roof. Im guessing you have either a very large roof or specialist circumstances that warrant what seems to be a very high price?

I got quoted £6k for a new roof, soffits, facias, guttering and repointing chimney stack on a 3 bed semi.

ScotDogLady

Both I'm afraid. It's a 250yr old listed building (very common iny town) with L shaped roof that has three gable ends (sandstone skews) and an original lead valley, all of which have failed and need replacing.

spadoosh

Yeh thatll probably do it! Sorry thought it was worth checking to see if you needed such a large loan.

Hopefully someone will be along to offer advice on getting a loan.

elle_may

ScotDogLady wrote: »

Hello :wave:

Is anyone able to tell me if it's possible for someone on DLA and ESA who owns their home outright to get a large ish loan? I urgently need to borrow £10-15,000 to repair the roof on my house. I have serious, long term water ingress problems with my roof and have been quoted £11,000 plus vat to renovate the roof.

I do not work any more due to significant mental health problems. I was medically retired from my profession on health grounds and receive a tiny occupational pension each month of about £285. I also so receive Disability Living Allowance (approx £400 per month) and Employment Support Allowance (Approx £488 per month). I am in the ESA support group.

I do not have a mortgage (sold home, paid back mortgage and bought current house with money left over). House is in very poor condition as a result of the roof.

I could probably borrow some of the money needed from family but not the whole amount. Is there any point in someone with such a poor credit profile attempting to get a loan? If it is possible, where would I look? Assume no high street bank would consider me.

Try Sainsbury as we have been in this position. in their T&c's you can apply with Essa if you are on income related and not Conts'. I don't know if you will get the high loan as they will take into account other credit you may have. Go online and look at their condition's for applying it will tell you there. Good luck

thorsoak

Are there any Credit Unions near you? BBC 1 had a series of programmes on in the last few weeks - see here :- http://www.bbc.co.uk/programmes/b098w21d

The one local to you might be able to help.

ScotDogLady

Thank you! There is only one in my area (rural) so have emailed them.

sourcrates

Hi,

Dosent matter what the loan is for, unless you have an adequate income, and the repayments are affordable (which on your stated income they wont be) you wont have much of a chance i`m afraid to say.

With most credit unions you must first be a saver, before you can be a borrower, i don't know if this is true for all credit unions, but i suspect it might be.

Are you old enough to consider equity release ?

Only other option would be a secured loan, easier to get, but a bit risky.

ScotDogLady

I would be prepared to accept a secured loan. I really don't have much choice.

ScotDogLady

No too young for equity release. I checked.

Arleen

Have you considered downsizing? Sounds like this house will just continue to be a pain in the behind, and what will you do when something else needs expensive works again?