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    • Regina1984
    • By Regina1984 16th May 18, 10:37 PM
    • 3Posts
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    Regina1984
    Disabled mortgage with 50% deposit? Help please xxx
    • #1
    • 16th May 18, 10:37 PM
    Disabled mortgage with 50% deposit? Help please xxx 16th May 18 at 10:37 PM
    Hi there

    I am looking for advice, I'm in such a mess at the min. Okay so I am long term disabled and just been awarded PIP standard in both care and mobility for 3 years. My son is 18 and also has a disability which he receives PIP but enhanced on both for 3 years (since September).

    I am on a mortgage with my ex husband which has 18 years out of the 25 left. We separated 2 years ago and since have split the 2 houses we own jointly (mortgaged) by solicitors contract that we take each house as our own as long as if I sell my big house I pay him 20k..

    The agreement is that he keeps the smaller house with nothing to pay to me, whereas I keep the bigger house with our 3 children as long as we both take over both mortgage payments independently, which we have for the past year.

    I am now wanting to move area and into a better equipped home for myself and my 3 kids. I would be making n approximate 70k from my equity in my current home if I was to sell for the market value.

    My question is, can I get a mortgage of say 50% LTV whilst on PIP and also put my 18 year old son as joint on PIP for some kind of 50% mortgage or shared ownership etc? Neither myself or my son are in employment due to health reasons,.

    I really need to move away from my area as my ex is getting very nasty and I need to move near my family 200 miles away. Does anyone know if I could secure a 50% mortgage whilst on PIP? Or maybe a developer who would let me buy 50% and rent the rest until I'm able to buy the rest?

    I feel like I'm not making sense but I will have a house worth 200k that I owe 110k on at the min. So take away the 20k I will owe my ex husband plus fees of 10k ish I will be left with 70k to use as a deposit on a new home. Can I get a mortgage or shared ownership with both mine and my 18 year old son's PIP to rehome us in a place closer to family and start a fresh?

    Thank you so very much for any advice on this, I have nowhere else to turn.

    Kindest regards,

    Regina xxx
    Last edited by Regina1984; 16-05-2018 at 10:43 PM.
Page 1
    • sheepy21
    • By sheepy21 17th May 18, 12:02 AM
    • 42 Posts
    • 51 Thanks
    sheepy21
    • #2
    • 17th May 18, 12:02 AM
    • #2
    • 17th May 18, 12:02 AM
    Benefits can used as a main income for one applicant out of say a couple or secondary income on a main applicant, I can't see that you can get a mortgage though when all your income is benefit based. Could you port your mortgage?
    • Regina1984
    • By Regina1984 17th May 18, 7:48 AM
    • 3 Posts
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    Regina1984
    • #3
    • 17th May 18, 7:48 AM
    • #3
    • 17th May 18, 7:48 AM
    The thing is although the ex has signed to say he is no longer liable for the mortgage payments and I have taken over, his name had to stay on due to the mortgage company not letting me take off his name so I'm a bit stuck at the min. There's no way he'd help out by re mortgaging again.

    Thank you xx
    • deannatrois
    • By deannatrois 17th May 18, 9:27 AM
    • 5,370 Posts
    • 7,534 Thanks
    deannatrois
    • #4
    • 17th May 18, 9:27 AM
    • #4
    • 17th May 18, 9:27 AM
    Protection orders aren't easy to get in my experience but perhaps this might be possible?
    • Pixie5740
    • By Pixie5740 17th May 18, 9:37 AM
    • 12,111 Posts
    • 17,045 Thanks
    Pixie5740
    • #5
    • 17th May 18, 9:37 AM
    • #5
    • 17th May 18, 9:37 AM
    Porting the mortgage only ports the rate, the OP would still need to pass affordability. OP, I think this is really one for a broker but I'd say that your chances of getting a mortgage with incomes based solely on benefits are slim to none.

    If you can't get a mortgage have you considered alternatives such as shared ownership if you have enough equity from the sale of your current home to purchase a share outright?
    • G_M
    • By G_M 17th May 18, 11:13 AM
    • 44,059 Posts
    • 52,186 Thanks
    G_M
    • #6
    • 17th May 18, 11:13 AM
    • #6
    • 17th May 18, 11:13 AM
    Given that your current lender will not grat you a mortgage in your sole name (hence leaving your ex on the mortgage) it seems unlikely they, or other lenders, would grant ne a new mortgage in your sole name.

    But it's a mortgage broker you need to ask.

    Or post on the mortgage board here, not property.
    • Regina1984
    • By Regina1984 21st May 18, 1:37 PM
    • 3 Posts
    • 0 Thanks
    Regina1984
    • #7
    • 21st May 18, 1:37 PM
    • #7
    • 21st May 18, 1:37 PM
    Thanks so much for all your advice. I would definitely take a shared ownership... It's just who would be willing to do it? I would have around 80k deposit so hopefully this would be an option xx
    • kingstreet
    • By kingstreet 21st May 18, 2:01 PM
    • 33,351 Posts
    • 18,042 Thanks
    kingstreet
    • #8
    • 21st May 18, 2:01 PM
    • #8
    • 21st May 18, 2:01 PM
    This firm specialises in SO for the disabled who have only benefits for income;-

    http://www.mysafehome.info/
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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