![]() Again, your mortgage broker will be able to search the market and find out if there’s a lender willing to help you in these circumstances. Their decision to lend will be based on how likely you are to be able to afford the mortgage in the long term once the short term benefits are no longer being paid. Lenders are unlikely to approve a mortgage application based on short-term benefits because of the uncertainty over your income in the longer term. you expect to be able to return to work at some point in the future), but are relying on the extra income they’re bringing in to qualify for a mortgage. It can be more difficult to get a mortgage if you’re only receiving disability-related benefits for the short term (I.e. ![]() However, there are only a few lenders who will offer a mortgage under the HOLD scheme so this may not be accessible to you.Ī further scheme for people who are disabled and on benefits is the My Safe Home scheme which is aimed at people with complex and profound disabilities.Ī specialist mortgage broker will be able to advise you on which lenders to approach. In addition, you can apply for the Help To Buy scheme and there is a specific scheme called HOLD (home ownership for people with long-term disabilities) which can assist you to buy a property under a Shared Ownership model. When you apply for a mortgage on disability benefits, lenders will ask for paperwork relating to your disability payments to ensure that you will be able to afford the repayments long term. If you are eligible for long term benefits, you should be able to get a mortgage with some lenders who offer loans to those on benefits. Long term benefits that can sometimes be declared on a mortgage application include Personal Independence Payments (PIP), Disability Living Allowance (DLA, being replaced by PIP) and Employment and Support Allowance (ESA). A broker who specialises in helping customers get a mortgage on benefits will be able to advise you about which lenders are likely to be able to help you in your specific situation. There are different types of disability benefits and not all mortgage lenders accept every type.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |