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On benefits how can I change my mortgage deal?
leilasmummy
Posts: 17 Forumite
Good morning, I'm currently on benefits and I have a mortgage, am I able to switch to a better deal? or will that risk that my mortgage will be declined due to being on benefits. I currently recieve help for my mortgage so the company is aware.
But I'm scared they could ask for it all to be paid back cos currently I have no means of paying it (it's on interest only ).
Any ideas.
But I'm scared they could ask for it all to be paid back cos currently I have no means of paying it (it's on interest only ).
Any ideas.
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Comments
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did you have a payment vehicle in place when you got the interest only mortgage?
Downsizing maybe an option?
When does the mortgage finish?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I've got no payment vehicle in place and my ex husband had all my savings.
Can't downsize but otherwise great idea. (Can't get any smaller than what I have ) .
Got more than 10years to run which is fine as on benefits is only short term it's just my current deal is awful and if I was working I would change it immediately. But worried I can't cos of being on benefits.0 -
You can apply, assuming you are out of any minimum term, but your application will be based on your current income. So if you expect your income to rise in the near future, wouldn't it be better to wait?
Not really possible to give more specific advice without knowing the size of your mortgage, income etc.
But how are you planning to repay the capital in 10 years time without any repayment vehicle in place now?No free lunch, and no free laptop
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yes it is possible. see this for a workaround: http://www.moneysavingexpert.com/news/mortgages/2016/06/i-was-a-mortgage-prisoner-but-escaped-thanks-to-mse-and-saved-36000
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