Mortgage lender that accepts universal credit housing award

kimstead19

Hi, I'm currently in the process of trying to get a mortgage but need the lender to take into account the housing element of my universal credit. Does anybody know of a mortgage lender that accept this?

Myci85

If I'm not mistaken, the housing element is only payable to those renting, so if you buy with a mortgage, you will no longer receive that money. 

kimstead19

Sorry should have also said this is for a shared ownership property so rent will still
apply 

kimstead19

Myci85 said:

If I'm not mistaken, the housing element is only payable to those renting, so if you buy with a mortgage, you will no longer receive that money. 

Sorry should have also said this is for a shared ownership property so rent will still
apply 

born_again

Think this is something you need to refer to a mortgage broker who will have far better knowledge of the marketplace for this.

MWT

kimstead19 said:

Myci85 said:

If I'm not mistaken, the housing element is only payable to those renting, so if you buy with a mortgage, you will no longer receive that money. 

Sorry should have also said this is for a shared ownership property so rent will still
apply 

... but only on the rent element so the amount you get will probably fall significantly...

Deniseconfused

I cannot offer advice re lenders but also remember UC will also pay service charges ( if they are acceptable charges ie common parts cleaning, maintenance etc - just not insurance etc ) and also ground rent. This makes shared ownership particularly attractive to UC claimants. You just pay the mortgage bit. 

On the shared ownership sites, they have mortgage brokers that should know this specialist type of borrowing.