8 replies to this topic

[chairman]

Hi, does any 1 have any advice on getting a mortgage whilst on Incapacity/DLA benefits? My current mortgage (interest only) has shot up in price beyond my means 9.5%!!! Ive never missed a payment in the past on my mortgage (it was £240 now its £364 a month) I fear i may lose my home. Any advice gratefully received, thanks.

[Lucydog]

You need to get INDEPENDANT advice here. id sugest making an appt with the citizens advice people and discussing your finances there. They are free and will make no judgement on you. It might be easier for them to contact your lender and renegotiate on your behalf. if you try to get another mortgage there will always a lender willing to take risk, but you will end up on an equally high interest rate, pay an arrangement fee and probably have to pay the broker as well. This will probably be a short term fix as you will end up handcuffed to a particular mortgage company for your life ( Im serious here) they are unscupulous, so id try and come to some arrangement with your current lender.

Dont know if this helps.

Let us know how it goes, cheers
L

[essexscipilot]

9.5% seem very high to me are you on a tracker that has now finnished and put you on a higher rate? if so it probably needs changing. Have you tried the Halifax? they have some good rates and do take your benefits into account.

I'd strongly suggest you shop around and get some independant advice.

[chairman]

Thanx for all advice. I'll try halifax & C.A.B.

[Lee]

I got mine through my bank HSBC with the same benefits as you. I needed letters stating income as had to tell DLA why as the benfits increase and the issued a letter at the current rate. You can also get a self certified mortgage. This means you agree you can afford it but is a slightly higher rate but no where near what your paying. Abbey also takes benefits into consideration. Hope you get it sorted.

[chairman]

Lee, on Nov 27 2007, 08:55 AM, said:

I got mine through my bank HSBC with the same benefits as you. I needed letters stating income as had to tell DLA why as the benfits increase and the issued a letter at the current rate. You can also get a self certified mortgage. This means you agree you can afford it but is a slightly higher rate but no where near what your paying. Abbey also takes benefits into consideration. Hope you get it sorted.

Thanks for that mate. I'll give HSBC a try. What kind of letters did you need? & how do you get them?
Thanks again
Paul.

[ems]

You can get your mortgage paid By the DSS if you are on income support and incapacity, phone your local job centre for the *financial help with your home* pack.

They will only pay the interest on it, and you will have to fight for mortgages over 100,000, but saying that if you have *used a mortgage* to afford adaptations on your property, they will pay more, DO NOT TELL THEM IF YOU HAVE HAD DOUBLE GLAZING FITTED WITHING OUR MORTGAGE!!! they will not pay for home improvements, but you do not not need to show paper proof of work done, they will only ask what and the rough cost, and they may send someone round to measure your door frameS!!!

emma.

Edited by ems, 03 December 2007 - 09:44 PM.

[Lee]

Very true ems, i forgot about that.

[chairman]

Thanks for all advice. Hopefully i have a new mortgage coming. My head is gonna explode from all the facts & figures ive received from the money grabbing t**ts! So hopefully i can keep my house yipeeee!