Lending on Benefits

Posted on 13 March 2011 by ms jacqui sibley


I've had my mortgage 22yrs, I have been on disability/income benefits for 3 years. My mortgage outstanding is £40,000 and the house valued about £160,000. Is it possible for me to move as I don't work and may still need small mortgage?

Jacqui,

I think you will find it very difficult to find any new Lenders who will consider you for a mortgage. I recommend that you speak to your existing Lender and explain that you wish to move and reduce your mortgage. You might need to point out that this will help them by reducing the amount you owe.

I would also speak to your benefits office about whether or not moving will have any affect on your entitlements.

Peter

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