Loan - DLA, Income Support, Incapacity Benefit
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Posting on behalf of a family member that is on Disability Allowance, Income Support and Incapacity Benefit.
They own their own property mortgage free, value around £225,000, and wanting to do some home improvements and looking to take out around £15,000-£25,000 to complete these. I realise there is a £10,000 difference between the upper and lower amounts- how much they want done depends on how much likely repayments would be.
Are there any lenders that would accept DLA, Income Support and Incapacity Benefit as income for the purpose of a loan?
(Did a Thread Search for each of the benefits and came up with nothing of threads over 5 years old. Also posting this on the Mortgages & Endowments board.)
They own their own property mortgage free, value around £225,000, and wanting to do some home improvements and looking to take out around £15,000-£25,000 to complete these. I realise there is a £10,000 difference between the upper and lower amounts- how much they want done depends on how much likely repayments would be.
Are there any lenders that would accept DLA, Income Support and Incapacity Benefit as income for the purpose of a loan?
(Did a Thread Search for each of the benefits and came up with nothing of threads over 5 years old. Also posting this on the Mortgages & Endowments board.)
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Comments
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Only if they were recieving £50k on benefits I suspect.0
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There is no way that any lender will consider lending £25,000 to someone in receipt of benefits only."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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No, I wouldn't see any lender entertain a loan of £15,000 either.And the lower amount of £15,000? Would the mortgage free property of £225,000 not count for anything?
What do you think the mortgage-free property shows?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
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Possible, yes, but again, extremely unlikely given that her only means of repayments are benefits.I wondered if it was possible to get a loan secured against the value of the property. Admittedly, I don't know much at all about loans- hence posting here.
I don't see any lender entertaining this idea, sorry."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
There are lenders (not many) that will take a view to offering finance people in receipt of DLA, any loan however would more than likely be secured on the property.
I would suggest speaking with a mortgage advisor/broker (not an online loan broker requesting bank/card details) who would be able to give you a better idea of if there is an option and provide indicative pricing.
The rates will be higher than normal and they need to realise the risk on their home.0 -
Maybe look into contacting your nearest Credit Union too!
MB0 -
Note: I am a disabled person who was born with his condition. I know what I am talking about.
To get credit as a disabled person you need to be in the top 10% of no risk candidates.
So basically you have to be the complete opposite to White Dee on benefits street.
This can be done by the following:
1. Have a credit score higher than 900.
2. Have 5 years of bank statements with a surplus.
3. Shopped at the right shops relevant to your income e.g. Lidl & Poundland.
4. Took the cheapest water, energy and broadband tariffs.
5. Live in a area which meets equal to or less than your housing benefit payment.
6. Don't make random withdrawls from your bank account.
7. Have perfect medical evidence for your condition.
8. Have a couple of fall back proffesions if your welfare benefits are cut or abolished.
9. Have family member that can act as a guarantor.
10. Show absoulte blind loyalty to your bank.
Now this may seem extreme but you have to remember disabled people are the lowest class in the UK. We basically are worth less than immigrants or terrorists. What you need to remember is that money is the biggest !!!!! because it never sleeps and exchanges hands with everyone.
So if you seem like a good investment bet your get the go ahead.
But the way things are going DLA will be cut by 20% as its converted to PIP. The test is exactly the same as ESA and many disabled people including myself will lose their DLA in the process.
There was also a leak by the BBC that ESA WRAG will be cut by 30% if the Tories or UKIP win the 2015 election.
So I would base your loan on the income of your Job Seekers Allowance.
I know this isn't nice but its the way things are.
I personally advise you to forget about this loan and see if any adaptations can be made to your loved ones home. There is money set a side for this reason.
If you want anymore info send a PM and I will reply right away.
Wish you all the best.0 -
Well thats nunber 1 struck off as lenders dont see the credit score, only the user of experian sees it.0
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