First Time Mortgage and only work part time and on benefits.

helen2k333333

Hi,
I want to borrow £25,000 in order to move, but I only work part time, 20 hours per week.
I need to sell my house, which is worth £125,000 with no mortgage.
My question is: "Will I be able to borrow £25,000 if I only work part time and get universal credit?" I also have 2 dependants and have never had a mortgage in my name before.
Thanks, Helen

Carl2510

Is the 25K needed for a deposit? 

How do you have the current property if you’ve never had a mortgage did you pay cash or was it inheritance?

maybe sell the house then use the money from that?

MovingForwards

Speak with a good mortgage broker to see what options are available to you.

Have you any savings to cover the estate agents fees when selling yours? Do you have money for legal fees and disbursements for both the sale and purchase?

What is your income?
Are either of the kids in nursery?

Generally, it's 4.5x your annual income, less debts/ nursery costs.

Have you used any mortgage calculators to give you an idea as to what is possible? Halifax is basic, nationwide have a fairly detailed one (just don't get applying for a decision in principle without the assistance of a broker)

On_my_way

I doubt you will be eligible to borrow money unless you have other sources of income too.