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buy to let mortgage on Universal credit, living in the property
Sarah1960
Posts: 7 Forumite
Hello, on behalf of my 39 year old son.
These are his words.
I am in a nightmare situation.
I leased my house few times since 2010 approx. but the last people left it in a mess and a lot of debt behind after not paying rent.
I moved in to make repairs and renovations easier and not have an empty property for vandals.
long story short I got ill with assorted back problems (window fitter by trade) then to cap it all got a pulmonary embolism and now on a heap of pills and on medical advice am not allowed to work at all even on my own house.
I am on universal credit sick benefit. no money , debt getting worse .
The mortgage company are now refusing me permission to live here and I am facing eviction, repossession.
They are telling me to get advice and remortgage from a buy to let to repayment.
How can I do that as I have no money or financial stability.
Any advice gratefully received.
Thanks
These are his words.
I am in a nightmare situation.
I leased my house few times since 2010 approx. but the last people left it in a mess and a lot of debt behind after not paying rent.
I moved in to make repairs and renovations easier and not have an empty property for vandals.
long story short I got ill with assorted back problems (window fitter by trade) then to cap it all got a pulmonary embolism and now on a heap of pills and on medical advice am not allowed to work at all even on my own house.
I am on universal credit sick benefit. no money , debt getting worse .
The mortgage company are now refusing me permission to live here and I am facing eviction, repossession.
They are telling me to get advice and remortgage from a buy to let to repayment.
How can I do that as I have no money or financial stability.
Any advice gratefully received.
Thanks
0
Comments
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@sarah1960 Sorry to hear about the unfortunate sequence of events.
From what I can understand, it looks like there are significant and ongoing arrears on the current buy to let mortgage and the income is 100% UC.
Some UC components are considered by lenders for affordability, but usually they would need to be 'sustainable' i.e. guaranteed for the long term. Even if the UC were allowable and large enough to meet affordability, the arrears on the current mortgage account would severely limit any options.
It sounds like a very tough situation to be in and it may be worth getting proper advice from organisations like the Citizens Advice Bureau.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
1 -
May be worth a call to Shelter as well...
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