Unempoyed due to sickness

chopperlyons

I am currently unemployed due to illness.
I am currently renting but I would ideally like to finally buy my first home.
Im age 35.
I will be looking to get back into work over the next 12 months due to my illness.
I have £6000 saved up and I get £12,000 per annum.
The property is £70,000
My credit score through Experian is 'good'.
How would I look at getting a mortgage? The money I currenty pay for my rent is dead money. I'd love to finally get on the housing ladder.
I have no credit cards, debts or outgoings, other than my current rent.
Any advice would be really appreciated.

foxy-stoat

How much is the cheapest property in your area?

chopperlyons

The property is £70,000

kingstreet

Sorry, you'll be way out on affordability.

You'd be able to borrow about 3x income as much of your income is eaten away in subsistence costs.

When off sick long-term, the state now loans you the interest on your mortgage through SMI, so you end up with any "benefit" payments made to your lender secured on your home.

Caz3121

chopperlyons wrote: »

The property is £70,000

you will need either a larger deposit or a higher income (or both)

chopperlyons

So to be eligabe for SMI, do you need to have a mortgage in the first place?

Caz3121

chopperlyons wrote: »

So to be eligabe for SMI, do you need to have a mortgage in the first place?

SMI is now a loan and has a waiting period (nothing paid) for 39 weeks
and it only covers the interest. Unlikely to be granted a mortgage until your personal income can support it.