Disabled mortgage with 50% deposit? Help please xxx

Regina1984

Hi there

I am looking for advice, I'm in such a mess at the min. Okay so I am long term disabled and just been awarded PIP standard in both care and mobility for 3 years. My son is 18 and also has a disability which he receives PIP but enhanced on both for 3 years (since September).

I am on a mortgage with my ex husband which has 18 years out of the 25 left. We separated 2 years ago and since have split the 2 houses we own jointly (mortgaged) by solicitors contract that we take each house as our own as long as if I sell my big house I pay him 20k..

The agreement is that he keeps the smaller house with nothing to pay to me, whereas I keep the bigger house with our 3 children as long as we both take over both mortgage payments independently, which we have for the past year.

I am now wanting to move area and into a better equipped home for myself and my 3 kids. I would be making n approximate £70k from my equity in my current home if I was to sell for the market value.

My question is, can I get a mortgage of say 50% LTV whilst on PIP and also put my 18 year old son as joint on PIP for some kind of 50% mortgage or shared ownership etc? Neither myself or my son are in employment due to health reasons,.

I really need to move away from my area as my ex is getting very nasty and I need to move near my family 200 miles away. Does anyone know if I could secure a 50% mortgage whilst on PIP? Or maybe a developer who would let me buy 50% and rent the rest until I'm able to buy the rest?

I feel like I'm not making sense but I will have a house worth 200k that I owe £110k on at the min. So take away the 20k I will owe my ex husband plus fees of 10k ish I will be left with 70k to use as a deposit on a new home. Can I get a mortgage or shared ownership with both mine and my 18 year old son's PIP to rehome us in a place closer to family and start a fresh?

Thank you so very much for any advice on this, I have nowhere else to turn.

Kindest regards,

Regina xxx

sheepy21

Benefits can used as a main income for one applicant out of say a couple or secondary income on a main applicant, I can't see that you can get a mortgage though when all your income is benefit based. Could you port your mortgage?

Regina1984

The thing is although the ex has signed to say he is no longer liable for the mortgage payments and I have taken over, his name had to stay on due to the mortgage company not letting me take off his name so I'm a bit stuck at the min. There's no way he'd help out by re mortgaging again.

Thank you xx

[Deleted User]

Protection orders aren't easy to get in my experience but perhaps this might be possible?

Pixie5740

Porting the mortgage only ports the rate, the OP would still need to pass affordability. OP, I think this is really one for a broker but I'd say that your chances of getting a mortgage with incomes based solely on benefits are slim to none.

If you can't get a mortgage have you considered alternatives such as shared ownership if you have enough equity from the sale of your current home to purchase a share outright?

G_M

Given that your current lender will not grat you a mortgage in your sole name (hence leaving your ex on the mortgage) it seems unlikely they, or other lenders, would grant ne a new mortgage in your sole name.

But it's a mortgage broker you need to ask.

Or post on the mortgage board here, not property.

Regina1984

Thanks so much for all your advice. I would definitely take a shared ownership... It's just who would be willing to do it? I would have around 80k deposit so hopefully this would be an option xx

kingstreet

This firm specialises in SO for the disabled who have only benefits for income;-

http://www.mysafehome.info/