Getting a shared ownership mortgage with a disability

NatalieanneDFW

36 POSTS

Hi everyone, 

I just wondered if anyone has successfully been able to buy shared ownership solely on disability benefits and been able to obtain a mortgage for the share. I'm looking for a few hours of therapeutic work but that's all I can manage at the moment however I would love to have a more secure home than private renting. My 11 year old son also receives disability allowance and we receive universal credit. 
I have access to a deposit for the share.
All is affordable but the sticking point is that I'm not employed and there is a lot of discrimination around this. 
Please no judgements or advice in the risks of SO or recommending Council housing as I'm aware. I would just like to stick to the aspect of getting a mortgage with two people in the family having long term health issues. 

Thank you in advance 🙂

K_S

@NatalieanneDFW I've never worked for a client in a similar situation so unfortunately can't comment based on experience. Generally speaking, there are lenders who will lend on 100% benefits income but it's all case specific, based on sustainability of that income, etc. 

Hopefully someone who's been in your shoes, or a broker will comment.

The complication is likely the SO bit as lenders often have different/additional criteria requirements based on the requirements of the scheme and or their own SO mortgage specific requirements.

It's a case of ringing around to a few lenders (if there are any) who do SO mortgages + accept 100% benefits income and check if they will consider doing both together. I hope that makes sense.

MovingForwards

What are your actual benefits, not your son's benefits?

There's been a few posts over the last 6 months with people on benefits asking about mortgages, it would be worth doing a search to see what the answers were (it's easier to do a search via your browser and add MSE on to the end, than use the search facility on the forum).

NatalieanneDFW

Thank you very much! I do appreciate it. I will certainly have a ring round and enquire. Take care! 

NatalieanneDFW

MovingForwards said:

What are your actual benefits, not your son's benefits?

There's been a few posts over the last 6 months with people on benefits asking about mortgages, it would be worth doing a search to see what the answers were (it's easier to do a search via your browser and add MSE on to the end, than use the search facility on the forum).

Thank you, I'll do a search. I receive pip and universal credit with limited capability for work and work related activity additional amounts as well as the child and housing elements etc. 

K_S

NatalieanneDFW said:

MovingForwards said:

What are your actual benefits, not your son's benefits?

There's been a few posts over the last 6 months with people on benefits asking about mortgages, it would be worth doing a search to see what the answers were (it's easier to do a search via your browser and add MSE on to the end, than use the search facility on the forum).

Thank you, I'll do a search. I receive pip and universal credit with limited capability for work and work related activity additional amounts as well as the child and housing elements etc. 

Just to be clear, when it comes to benefits like DLA, where the lenders consider it, this can be in the applicant's name or the child's. So it doesn't have to be only income in your name.