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Any help appreciated!
_marylouise_
Posts: 5 Forumite
HI. It's kind of long winded-sorry.
I have a lump sum of money after being bought out of my family home, where myself and my three children lived. I'm now a single mum, working full time, paying full rent etc. My three children are with me 5 days a week and their dad for 2. I'm trying to get a mortgage to buy more than a one bedroom flat in the city i live in. My 'problem' is, I know once I buy somewhere, I will get help, albiet universal credit, but it's something, but I can't get any proof of that to a mortgage advisor. The last one I spoke to told me to go one a 'round the world cruise'! I know of no-one who has been in the same situation, I need help, thanks for making it this far!
I have a lump sum of money after being bought out of my family home, where myself and my three children lived. I'm now a single mum, working full time, paying full rent etc. My three children are with me 5 days a week and their dad for 2. I'm trying to get a mortgage to buy more than a one bedroom flat in the city i live in. My 'problem' is, I know once I buy somewhere, I will get help, albiet universal credit, but it's something, but I can't get any proof of that to a mortgage advisor. The last one I spoke to told me to go one a 'round the world cruise'! I know of no-one who has been in the same situation, I need help, thanks for making it this far!
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Comments
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I'm confused. Why will you only get help after you buy somewhere? Is it because you're not entitled now due to the lump sum you have sitting in the bank?0
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Could you move somewhere cheaper?
What's stopping you from getting the benefits now? UC will disregard a large lump sum for up to 6 months if you fill in the correct paperwork.0 -
in short, yes!0
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All surrounding area's are just the same price!, Their dad, my job etc. etc. I wasn't aware about the lump sum with universal credit. I spent an age on the phone with them too!0
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I'll probably get shot for saying this but could you not transfer the lump sum to a family member? or will universal credits want to see your bank statements?
I'm assuming you can't get a mortgage without the guarantee of this money from Universal credit?0 -
I wish! having bought houses with my ex I know the mortgage lenders went through our history with a fine toothed comb. I have had a mortgage offer, but only to but a small flat. With a 'promise' of having help after i have bought a house, I would get a better mortgage offerHutch100uk wrote: »I'll probably get shot for saying this but could you not transfer the lump sum to a family member? or will universal credits want to see your bank statements?
I'm assuming you can't get a mortgage without the guarantee of this money from Universal credit?0 -
I'm afraid universal credit may not count as income when income is being assessed for a mortgage. And that income is not actual right now because the house money you received is sitting in your bank account taking you over the limit when UC might be awarded. This is a 2017 article about problems getting lenders to accept UC income as income (might have changed since then) https://www.theguardian.com/society/2017/nov/25/universal-credit-claimants-denied-mortgages
Could you not look into shared ownership properties? They aren't for everyone, you have to pay service charges and rent on the 'unowned' percentage and have other cons but if you are determined to buy somewhere and don't have a high enough income, it might be your only option.
Or you will have to find a cheaper property in a cheaper area. I don't see any other options.0 -
Nope, I haven't posted before. I'm well aware that I shouldn't rely on benefits. And haven't needed to before, The fact of the matter is I will be entitled to them if I get a mortgage.Rosieandjim wrote: »You have already posted this under the user name Brightonbelle haven't you? You cannot rely on benefits to purchase a home.0 -
See Bristolbelles post as it is very similar to yours0
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