Homeowner on benefits needing loan

jonesMUFCforever

Personally I think most banks will reject your loan application.
Can I ask you a question? How much do you save per month from your benefits or other income?

Shakin_Steve

Are there not any grants available for listed buildings that may, at least, go some way towards paying for the roof?
Looking at your monthly income of ~£1100 per month, and presuming that this place must be a nightmare to heat, I personally can’t see how you could afford the repayments on such a large loan.

-taff

ScotDogLady wrote: »

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

If you do get one, then remember it's your house you stand to lose. If you aren't saving any money from your income, there's not much chance of you paying off a loan without defaulting at some stage down the line and losing your house anyway
If you are, well done and hope you find one that isn't extortionate in terms of % interest.
If you can downsize, I'd think about that.

enthusiasticsaver

I am at a loss as to how you will afford such a loan on a limited income and very much doubt any high street bank will lend to you. Any other lending institutions will probably be very expensive. I would also suggest selling up and moving to somewhere more appropriate for your income. It sounds like it will be a money pit.

ScotDogLady

Selling up not an option. Have already done the selling up and moving somewhere less expensive. Moved 400 miles so I could buy something within my budget. This house cost 20% of the value of my previous home. I paid off mortgage with 80% of the sale proceeds and bought this house with what was left. Hence living in cheapest part of country in a derelict house with badly leaking roof and no heating (someone was asking about heating bills, got no heating at all).

Have managed to get £5k from family so will still need £9k.

PasturesNew

Your income is quite generous, at about £1173/month - that equates to a job paying about £16,000/year.

It's good you've found the credit union as they would have been able to help you if you'd already been a member and had built up savings with them and showed a regular saving pattern in the past. It's possible they might be able to help you now, but they help members with savings first. Whatever happens - join that credit union now - and start putting away £10/week .... then increase that once you've paid off your roof loan ... knowing that in the future you will be able to borrow from them with more certainty.

When people suggested downsizing, they meant maintenance-downsizing. An ancient house will require a LOT more maintenance than a new build.

I hope you find the money somewhere.

DCFC79

ScotDogLady wrote: »

Selling up not an option. Have already done the selling up and moving somewhere less expensive. Moved 400 miles so I could buy something within my budget. This house cost 20% of the value of my previous home. I paid off mortgage with 80% of the sale proceeds and bought this house with what was left. Hence living in cheapest part of country in a derelict house with badly leaking roof and no heating (someone was asking about heating bills, got no heating at all).

Have managed to get £5k from family so will still need £9k.

Have you considered what you will do if you can't get the extra money you need ?

Herzlos

If you can't afford heating there, then I'd be looking at other options since you must be pretty miserable there especially with winter coming. Are there any smaller places locally that aren't listed without heating? A smaller flat with a shared roof possibly?

Is selling up and renting somewhere an option; you loose a bit of stability in terms of lease, but will at least have consistent outgoings?

Shakin_Steve

Not trying to pour cold water on the selling theory, but it would certainly be a very hard sell, I would imagine. With no heating and a dodgy roof, it might appeal to someone as a project, but I can’t see a queue forming.

Xbigman

You need to talk to the CAB first and then to the council. The council can help with urgent work needed to keep a property habitable but each council has its own rules. That is your best bet right now. They could do the roof and heating *if* you qualify.

My father was disabled and had a new central heating system installed by the council. He had to jump through hoops to sort out the paperwork and there was no choice as to what was installed but the council paid for it and arranged everything once approved.



Darren