Turn on thread page Beta

Can you get a mortgage on benefits? watch

Announcements
    Offline

    20
    ReputationRep:
    (Original post by SmallTownGirl)
    Why should someone be forced to move away from their friends and family just for a minimum wage job? We all have lives and people we love, we shouldn't be forced to leave that behind for a job that might not even last that long.
    Because money makes the world go around
    Offline

    20
    ReputationRep:
    (Original post by Reue)
    I thought that was only the case of if you had a mortgage and then had to go on benefits... not getting a mortgage whilst already on them.

    Frankly I'd be shocked and a little disappointed if you were able to get a house while on JSA type benefits, clearly you would then be unable to easily move to find work.
    Tbf Reue

    Some people are on benefits cos theyre actually unable to work but otherwise agreed
    Offline

    20
    ReputationRep:
    (Original post by The_Internet)
    Tbf Reue

    Some people are on benefits cos theyre actually unable to work but otherwise agreed
    That's exactly why I specified JSA type benefits
    Offline

    20
    ReputationRep:
    (Original post by SmallTownGirl)
    Because mental health is important.
    So is my tax money, which I'd rather go to those who need it through necessity instead of choice.
    Offline

    1
    ReputationRep:
    Good luck, I earn £25,000 a year and can't even get a mortgage
    Offline

    15
    ReputationRep:
    you'd lose housing benefit if you could get a mortgage so for the tax payer it could work out as a better deal - but I doubt you'd get a mortgage.

    Having a mortgage does not stop you moving to take work. You would not be the first person to rent their home while renting elsewhere.
    Offline

    20
    ReputationRep:
    (Original post by parentlurker)
    You would not be the first person to rent their home while renting elsewhere.
    You might possibly be the first person in history to ever be granted a BTL mortgage whilst on benefits though
    Offline

    19
    ReputationRep:
    (Original post by Cressandra)
    I have my parents as a guarantor and they would just bail me out if needs be. I obviously don't want that but if things do go wrong I have a safety net.
    Wait, so your parents are formal guarantors? That changes everything as it gives the banks someone to go after if you cannot afford the repayments. In principle I'd be very surprised if someone on benefits could get a mortgage by themselves.
    Online

    20
    ReputationRep:
    (Original post by Cressandra)
    Well I decided to go to the bank and ask after writing this thread. And basically benefits are seen as even more secure than job income. And I would be able to borrow 4 times my income.That's obviously not enough to buy a house but I'm not too hard off :-)
    You're £33,000 off...

    ie two years on NMW before tax/NI...
    Online

    20
    ReputationRep:
    (Original post by shane-draper)
    Good luck, I earn £25,000 a year and can't even get a mortgage
    Why not?
    Offline

    21
    ReputationRep:
    (Original post by Zerforax)
    I'm not surprised that benefits are counted (since they are income) but I'm surprised that they are being counted if you are the sole applicant. Seems pretty reckless by the bank.

    Have you factored in how much your weekly/monthly budget is and then factored in actually paying a mortgage. If you're a homeowner, would you still be eligible for council tax exemption?

    Usually you are not allowed to sell a house you bought using the right to buy from a council/local housing for a period of 5 years (if you do, you lose the discount they provided).
    Not true. It staggers down year by year. It may now be for 5 years it used to be 3


    Posted from TSR Mobile
    Offline

    21
    ReputationRep:
    (Original post by parentlurker)
    you'd lose housing benefit if you could get a mortgage so for the tax payer it could work out as a better deal - but I doubt you'd get a mortgage.

    Having a mortgage does not stop you moving to take work. You would not be the first person to rent their home while renting elsewhere.
    You can't let a right to buy home inside the discount period


    Posted from TSR Mobile
    Offline

    21
    ReputationRep:
    awkward moment someone on benefits gets on the property ladder before most young adults haha
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by paul514)
    You can't let a right to buy home inside the discount period


    Posted from TSR Mobile
    Absolutely nonsense
    Offline

    21
    ReputationRep:
    (Original post by paul514)
    You can't let a right to buy home inside the discount period

    Posted from TSR Mobile
    You can't sell it but you can take a lodger (or just not tell HMRC).
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by Rakas21)
    You can't sell it but you can take a lodger (or just not tell HMRC).
    Once you buy it under right to buy its your home and you can rent it out to whoever you want. The only restriction is when you want to sell it. You have to pay back some discount if you sell within 5 years. More discount the earlier you sell.

    No restrictions on renting it though. It's your home. The council have absolutely no say unless you're doing sometjing illegal such as making it a HMO without a license
    Offline

    21
    ReputationRep:
    (Original post by Cressandra)
    Once you buy it under right to buy its your home and you can rent it out to whoever you want. The only restriction is when you want to sell it. You have to pay back some discount if you sell within 5 years. More discount the earlier you sell.

    No restrictions on renting it though. It's your home. The council have absolutely no say unless you're doing sometjing illegal such as making it a HMO without a license
    Those were the rules 15 years ago and I don't think it's changed.

    Check it out


    Posted from TSR Mobile
    Offline

    0
    ReputationRep:
    It's a disgrace giving inaccurate info whether on benefits or not it's the same pound which pays the mortgage. People should let their opinions cloud the facts.

    Disabled people can have lifetime disabilities, if you're healthy consider yourself fortunate.

    I find someone saying they'd be disappointed is someone got s mortgage on benefits is pretty low and says more about them than the OP.

    I know this thread is old, had to make my point.
    Offline

    17
    ReputationRep:
    (Original post by Runforfree)
    It's a disgrace giving inaccurate info whether on benefits or not it's the same pound which pays the mortgage. People should let their opinions cloud the facts.

    Disabled people can have lifetime disabilities, if you're healthy consider yourself fortunate.

    I find someone saying they'd be disappointed is someone got s mortgage on benefits is pretty low and says more about them than the OP.

    I know this thread is old, had to make my point.
    The principle of the welfare state is to provide people with the essentials necessary to live, continue to contribute to society positively and hopefully, at some point, return to gainful employment.

    Using benefits to provide luxuries (and I would include home ownership in that distinction) to people that do not work, either by circumstance or by choice, is not a responsible use of taxpayer contributions or public funds.

    This can also have a toxic effect on society and the economy by disincentivising hard work and striving to be productive members of society.
    • Very Important Poster
    Offline

    22
    ReputationRep:
    Very Important Poster
    (Original post by ch0c0h01ic)
    The principle of the welfare state is to provide people with the essentials necessary to live, continue to contribute to society positively and hopefully, at some point, return to gainful employment.

    Using benefits to provide luxuries (and I would include home ownership in that distinction) to people that do not work, either by circumstance or by choice, is not a responsible use of taxpayer contributions or public funds.

    This can also have a toxic effect on society and the economy by disincentivising hard work and striving to be productive members of society.
    However, in the long run, it might be cheaper for tax payers?

    This is an old thread. Closing now.
 
 
 
Poll
Cats or dogs?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.