Will it affect my benefits pls?

Channy8

Hello

I m considering buying my council house next year.

If i buy my council house, will it affect the benefits i receive like child tax credit, carers allowance, housing allowance and income support?

Lanzarote1938

No help with housing cost if you own a property.

Channy8

Lanzarote1938 said:

No help with housing cost if you own a property.

Thank you. Will it affect the other benefits i listed above other than housing?

calcotti

Channy8 said:

Lanzarote1938 said:

No help with housing cost if you own a property.

Thank you. Will it affect the other benefits i listed above other than housing?

No, it will not.

Sncjw

Can i ask how will you get mortgage on benefits?

If you have a low income it might be a struggle. 

GeordieGeorge

If it’s not until next year is there not a good chance that you’ll no longer be on income support anyway?

The economy’s picking up pretty well at the moment, so it should be getting easier to find better-paid work for those on minimum wage.

TELLIT01

Is a deposit required to purchase the property or is it a 100% mortgage?  If a deposit is required and you will have more than £6k prior to paying the deposit that will affect your Income Support and must be declared to DWP.

Channy8

Sncjw said:

Can i ask how will you get mortgage on benefits?

If you have a low income it might be a struggle. 

i spoke to a broker who said its possible to get mortgage if you are on benefits.

poppy12345

Channy8 said:

Sncjw said:

Can i ask how will you get mortgage on benefits?

If you have a low income it might be a struggle. 

i spoke to a broker who said its possible to get mortgage if you are on benefits.

Anything is possible but you still may not find it that easy. Especially if the broker you spoke to doesn't know anything about your financial situation. Getting a mortgage definitely isn't easy these days.

You also need to think about any repairs that will need doing in the future. Will you have the money to be able to afford those? When renting the repairs are down to your landlord.

There's also the deposit that you will need for any mortgage...lots of things to think about.

My daughter and her partner have just had their mortgage agreed but the whole process took just over 3 months and they both work full time and earn a little over £40,000 a year between them.

Channy8

poppy12345 said:

Channy8 said:

Sncjw said:

Can i ask how will you get mortgage on benefits?

If you have a low income it might be a struggle. 

i spoke to a broker who said its possible to get mortgage if you are on benefits.

Anything is possible but you still may not find it that easy. Especially if the broker you spoke to doesn't know anything about your financial situation. Getting a mortgage definitely isn't easy these days.

You also need to think about any repairs that will need doing in the future. Will you have the money to be able to afford those? When renting the repairs are down to your landlord.

There's also the deposit that you will need for any mortgage...lots of things to think about.

My daughter and her partner have just had their mortgage agreed but the whole process took just over 3 months and they both work full time and earn a little over £40,000 a year between them.

using Right to buy, the house shouldnt be more than £70k . I think i can manage it well. Thanks

McKneff

You really think you are going to get a 70k mortgage on benefits

Its highly unlikely to be honest, they will take account all ither outgoings
Give us some numbers so we can give a more accurate answer