Mortgage on Benefits: What are our chances?

ducksintown98

OhWow said:

As said, when you move in together, you will be partners and  will need to make a joint claim for Universal Credit, but you have too much savings to be able to have Universal Credit. To be able to have UC, you must "have less than £16,000 or less in money, savings and investments". https://www.gov.uk/universal-credit/eligibility

Hiya.  Since the thread seems to have become obsessed with this, we don't have that much in savings.  It's £13,000 and it's declared.

ManekiNeko said:

I borrowed between 4 and 4.5 times my income - one lender said they'd do 4.5, the other said they'd offer me a bit less. I borrowed £67,500 in the end, actually with the lender who'd lend me less, as I felt safer with their terms which allow me to take a lodger if I need to.

I read an article from Online Mortgage Advisor before I started the process - I think it might have been this one:

https://www.onlinemortgageadvisor.co.uk/income-types/mortgage-on-benefits/

I used a broker who was comfortable dealing with benefits applications. I talked with a couple of different ones, which I found largely through the site above, before going ahead with the one I felt most comfortable with.

Hey, thanks for your message.  I heard mortgage brokers were good, but I didn't know they were that good   If the other half doesn't start work by the time we're expecting to move, we'll probably go with that option then.

MFWannabe

ducksintown98 said:

AnnieB2018 said:

How much are you saving each month? If you can show that you have been putting away £500-600 each month for a few years then that would look good to show that you can afford a small mortgage of £200-300 each month easily. It doesn’t matter much but would look better than just nothing…

Hiya.  We both have around £10,000 in savings each.  A lot of my money per mo goes into savings, same with the other half.
We could probably get my other half working again, but would we have to wait a certain amount of months since finding work until she would be considered mortgage-worthy?  I know the market has tightened quite significantly, so worth asking.

You stated here you have £10,000 each in savings? 

Now you’re saying £13,000 in total? 🤔🤔🤔

ducksintown98

MFWannabe said:

ducksintown98 said:

AnnieB2018 said:

How much are you saving each month? If you can show that you have been putting away £500-600 each month for a few years then that would look good to show that you can afford a small mortgage of £200-300 each month easily. It doesn’t matter much but would look better than just nothing…

Hiya.  We both have around £10,000 in savings each.  A lot of my money per mo goes into savings, same with the other half.
We could probably get my other half working again, but would we have to wait a certain amount of months since finding work until she would be considered mortgage-worthy?  I know the market has tightened quite significantly, so worth asking.

You stated here you have £10,000 each in savings? 

Now you’re saying £13,000 in total? 🤔🤔🤔

Note the "around". I really don't have to justify myself to "MFWannabe".

MFWannabe

ducksintown98 said:

MFWannabe said:

ducksintown98 said:

AnnieB2018 said:

How much are you saving each month? If you can show that you have been putting away £500-600 each month for a few years then that would look good to show that you can afford a small mortgage of £200-300 each month easily. It doesn’t matter much but would look better than just nothing…

Hiya.  We both have around £10,000 in savings each.  A lot of my money per mo goes into savings, same with the other half.
We could probably get my other half working again, but would we have to wait a certain amount of months since finding work until she would be considered mortgage-worthy?  I know the market has tightened quite significantly, so worth asking.

You stated here you have £10,000 each in savings? 

Now you’re saying £13,000 in total? 🤔🤔🤔

Note the "around". I really don't have to justify myself to "MFWannabe".

😂😂 come on for advise and then get very defensive 
No you don’t have to justify yourself to anyone, but all looks very dodgy 🤷‍♀️

ducksintown98

MFWannabe said:

ducksintown98 said:

MFWannabe said:

ducksintown98 said:

AnnieB2018 said:

How much are you saving each month? If you can show that you have been putting away £500-600 each month for a few years then that would look good to show that you can afford a small mortgage of £200-300 each month easily. It doesn’t matter much but would look better than just nothing…

Hiya.  We both have around £10,000 in savings each.  A lot of my money per mo goes into savings, same with the other half.
We could probably get my other half working again, but would we have to wait a certain amount of months since finding work until she would be considered mortgage-worthy?  I know the market has tightened quite significantly, so worth asking.

You stated here you have £10,000 each in savings? 

Now you’re saying £13,000 in total? 🤔🤔🤔

Note the "around". I really don't have to justify myself to "MFWannabe".

😂😂 come on for advise and then get very defensive 
No you don’t have to justify yourself to anyone, but all looks very dodgy 🤷‍♀️

Hiya, I don't appreciate your accusatory tone.  Other half has worked all her life but due to a recent injury, has had to claim benefits.  Everything is declared, and we had less in savings than we assumed, due in large part to inflation and the cost of items.

P.S. Can we get back to mortgages now ...?

1616six

ducksintown98 said:

MFWannabe said:

ducksintown98 said:

MFWannabe said:

ducksintown98 said:

AnnieB2018 said:

How much are you saving each month? If you can show that you have been putting away £500-600 each month for a few years then that would look good to show that you can afford a small mortgage of £200-300 each month easily. It doesn’t matter much but would look better than just nothing…

Hiya.  We both have around £10,000 in savings each.  A lot of my money per mo goes into savings, same with the other half.
We could probably get my other half working again, but would we have to wait a certain amount of months since finding work until she would be considered mortgage-worthy?  I know the market has tightened quite significantly, so worth asking.

You stated here you have £10,000 each in savings? 

Now you’re saying £13,000 in total? 🤔🤔🤔

Note the "around". I really don't have to justify myself to "MFWannabe".

😂😂 come on for advise and then get very defensive 
No you don’t have to justify yourself to anyone, but all looks very dodgy 🤷‍♀️

Hiya, I don't appreciate your accusatory tone.  Other half has worked all her life but due to a recent injury, has had to claim benefits.  Everything is declared, and we had less in savings than we assumed, due in large part to inflation and the cost of items.

P.S. Can we get back to mortgages now ...?

I think it’s been established that you need to speak to a specialist broker if you’re serious about this. 

It’s not an attractive prospect for most lenders for obvious reasons. 

JMA74

A mortgage for a client with 100% benefit income is doable with the right lender.   Done plenty of them in the past