I have been registered disabled since 2001 my husband is my full time carer, we recieve the normal regular benefits. The mortgage we have was a fixed rate, last year this expired. Would we be able to do anything about it as the rates are now lower than when we took the mortgage out.
2007-02-16 20:24:17 · 6 answers · asked by jody w 1 in Business & Finance ➔ Credit
the benefits are disability living allowance, incapacity benefit, carers allowance and income support
2007-02-16 20:37:19 · update #1
Most lenders will not take the unemployed on as a new mortgage customer. It's a shame, as it means the unemployed end up getting ripped off, with the less competitive mortgage deals. It's a terrible deal that the unemployed and disabled live with, it's almost disgusting that the poorer members of society have to live in greater poverty because no-one will take their business.
Check that you're getting appropriate levels of Income Support, if you're eligible in the UK, as this will include a payment toward mortgage interest. The % paid rises over time, such that they will pay around 100% of a mortgae interest, at an average rate, in the market. It's called 'Income Support Mortgage Interest', please make sure you're getting it, if you qualify. Having over £6,000 in savings means people fail to get it.
However, your current lender is very likely to offer you alternative offers, trackers, fixed rate etc. Just beware of penalties of course, as if you were a new borrower.
If there is someone who would become a guarantor for your loan, then you may be more lucky in switching. This would need to be someone of good financial standing and not unemployed. Start 1st with your current lender, to make sure that you're not paying them more than you need to.
Good luck! Rob
2007-02-16 20:40:48 · answer #1 · answered by Rob E 7 · 1⤊ 0⤋
You can get a mortgage based on your income, and if you can afford the mortgage with the income you receive in state benefits, then you should be able to get out a new mortgage. Although some mortgage companies may be wary to cover you because of your health and you may not be able to get life insurance to cover the mortgage unless at a very high premium.
It sounds to me though that the benefits you would be receiving would be to pay off your mortgage and not actually for your care.
2007-02-16 20:32:43 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Why not take a walk down to your current Mortgage provider and talk to them about what deal they can offer you
2007-02-17 00:16:16 · answer #3 · answered by Martin14th 4 · 0⤊ 0⤋
dont see why not as long as you have money to pay the morgage every month, is like swapping a loan over, normally get a deal for 3 years then its probably best to change
2007-02-16 20:28:03 · answer #4 · answered by robbo1974 3 · 1⤊ 0⤋
definite - his circumstances have replaced .. in any journey, Lodgers heavily isn't accepted without informing the interior maximum loan enterprise, who will then placed him on an superior cost of pastime .... He desires to locate yet another pastime asap with the comparable or extra useful earnings ... in spite of this, they could be sure to amend or withdraw the interior maximum loan supply ...
2016-12-17 12:01:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you can try, but you might find it a bit difficult. It could depend on how old you are.
2007-02-16 21:20:26 · answer #6 · answered by D B 6 · 0⤊ 0⤋