Universal Credit and Mortgages

Yellowsub2000

theartfullodger said:

Yellowsub2000 said:

All lending institutions are tightening its getting very hard to get any credit and a hell of a lot more expensive as everyone expects interest rates to keep going up as inflation is raging

Indeed.  Under Thatcher's iron handbag (not a fan) bank of England base rate hit 17% November 1979. 


I had a for then large mortgage ..it was painful but was lucky as my building society only demanded 15%....=

If we get anywhere near 17% the majority of people who took out a mortgage in last few years will be repossessed as they simply can’t afford the interest payments.

the auction houses will be full and there will not be many buyers

MFWannabe

OP you need to ask thi question on the mortgage board; there is also an option to ask a broker the question 

Channy8

Cintakins said:

Hi, I've been looking into getting my own place as I've been lucky enough to save a deposit of £15000 over the years, however, I am currently on Universal Credit. I've been told I can borrow up to £100k on universal credit, but I don't know how it would work as I do get housing element in my Universal credit. Does anybody have any experience of buying a house whilst currently on UC and housing benefits?

I bought a house last year whilst on universal credit

Cintakins

Channy8 said:

Cintakins said:

Hi, I've been looking into getting my own place as I've been lucky enough to save a deposit of £15000 over the years, however, I am currently on Universal Credit. I've been told I can borrow up to £100k on universal credit, but I don't know how it would work as I do get housing element in my Universal credit. Does anybody have any experience of buying a house whilst currently on UC and housing benefits?

I bought a house last year whilst on universal credit

Hows that going? what was your experience?