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Mortgage advice for disabled person with right-to-buy discount off council flat
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abcd1111
Posts: 14 Forumite

Please can you advise me if I can obtain a (preferably Interest-only) mortgage to buy my council flat. The details are:
Purchase price £190K
Right-to-buy discount £85.4K
Age: 48
Income from severe disability £12.3K
Thank you in advance.
Purchase price £190K
Right-to-buy discount £85.4K
Age: 48
Income from severe disability £12.3K
Thank you in advance.
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Comments
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Not sure if your looking for a £190,000 mortgage or £190,000-£85,400 so £104,600 but both need a lot more than £12,300 income I am afraid.
Do you get housing benefit to pay towards the rent ?
If you earned £12,300 you might be able to borrow 4.5/5 X that for a mortgage so £61,500 max1 -
Not sure if your looking for a £190,000 mortgage or £190,000-£85,400 so £104,600 but both need a lot more than £12,300 income I am afraid.
Do you get housing benefit to pay towards the rent ?
If you earned £12,300 you might be able to borrow 4.5/5 X that for a mortgage so £61,500 max1 -
You won't get an IO mortgage on your income.
Answers haven't changed since last asking:
https://forums.moneysavingexpert.com/discussion/5359960/can-someone-purely-on-benefits-get-a-mortage-for-a-council-flat/p1Mortgage started 2020, aiming to clear 31/12/2029.0 -
thanks for help.
currently on HB + CTB.
loan needed is 105k.
if i let sitting room room out, I could probably get 90£/week, thus increasing my yrly income.
.
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You may be getting a huge discount but have you properly thought through all the maintenance costs and what you would do when the end payment is due?All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.2 -
I’m guessing you won’t be able to on your annual money coming in. Me and my husband get £40k a year between us ( not including bonuses/ overtime etc) and are max is £110k DIP. I can’t see you on almost 1/4 of our wage getting more than us. And that’s with no debt what so ever apart from my £10 per month sim only contract .1
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abcd1111 said:thanks for help.
currently on HB + CTB.
loan needed is 105k.
if i let sitting room room out, I could probably get 90£/week, thus increasing my yrly income.
.0 -
Tashco said:abcd1111 said:thanks for help.
currently on HB + CTB.
loan needed is 105k.
if i let sitting room room out, I could probably get 90£/week, thus increasing my yrly income.
.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.1 -
lenders go on the now and do not consider Lodgers as income as part of their affordability assessment
You can only borrow general x4.5 of your gross income. Seems a no go I'm afraid"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP1 -
thanks for your advice, all MSE members. looks pretty disappointing for me re:mortgage lending.
cheers anyway!!
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