Social Pay my Mortgage, Can I move House?

Question

I have an endowment policy and social security pay my interest as i am in reciept of disability allowence. I could not remortgage as i dont work. Can I sell my house and buy another of the same value or less? How could i do this? Would my payments change?

Answer 1

I don't think you would get a mortgage as you have no income. You should speak to a mortgage advice specialist, a lot of these give free advice.

Good Luck

Answer 2

Your storing up a lot of personal and financial heart ache by even contemplating moving house or down sizing.
Your benefits are similar to a contract loosely speaking in that they are tied in with the house you are at present living in. To move or downsize you would have to renegotiate any interest payments and that may be very difficult if not impossible.
The only way you could possibly move and still have the interest paid without consequences is if the property you now live in is not suitable for you as a disabled person and you were moving to a more suitable place to live.
If you are really unhappy where you are or your having financial difficulties then i would suggest going for shared ownership whereby a housing agency buys half your property and so you share ownership. But be warned this is not for everyone.
I would suggest that you contact your local citizens advice centre as they can provide you with all the answers you seek free of charge.
All the best,
Andrew D

Answer 3

Surely you should be speaking to the social security people about this. Everyone's circumstances are different so only they could give a definitive answer.
Don't forget, though, that there are extra costs involved with moving - solicitor's fees will be a few thousand, stamp duty, etc. You'll need to take these into account.

Answer 4

Its complicated but yes, you must contact your local D-H-S-S before any moves take place. Also your mortgage supplier would have to be involved, it can be very messy and long drawn out