Mortgage

Hello, 

We are a family of three. Our child is autistic and has sensory integration difficulties. The problem is that we live in one bedroom flat (35 m2) and we have no space to make OT activities or to play. Moreover, there is dump in each room and our child often gets allergy reaction. We have been living in this place for eight years and are desperate to change the flat for bigger accommodation. Will there be a chance to get a mortgage in situation where only one person in our family works full time?  Our child receives DLA (higher rate) and we have some other benefits. We wonder if banks consider benefits as income? We would be grateful for your comments. 

Many thanks!

  • In terms of getting a mortgage, banks generally consider various factors, including income and financial stability. While it can vary from bank to bank, some institutions do take benefits into account as a part of your overall income. To get a clearer picture of your specific situation, it might be helpful to consult with a mortgage professional who can guide you through the process. Additionally, you may want to explore government programs or grants that are designed to assist families in similar situations. When it comes to estimating the costs involved in the closing process, you can try using the [link removed by moderator]. It can give you an idea of the expenses associated with changing accommodations.

  • I can understand how challenging it must be for your family with limited space and the difficulties your child faces. It's important to prioritize a living environment that accommodates your child's needs.

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  • It sounds like you need professional financial advice ~ ask citizens advice - 

  • Yes, you can get a mortgage even if only one family member has a full-time job. It all depends on how high your partner's salary is. You won't have any problems if it satisfies the bank's standard. My husband and I got a mortgage a year ago. Only my husband worked; I looked after my daughter and had unofficial income from tutoring online. Even though our credit history was perfect, we were worried about the loan. After several consultations with [Removed by Mod] we get a mortgage and now live in a spacious house with enough space for our daughter to exercise.

  • I really hope you're going to find a solution! Good luck to you and your kids.

  • check if you need a loan vs using a 0 per cent credit card. the latter is usually a cheaper form of credit at the moment.

  • I wanted to get a mortgage a long time ago to move in with my family. It took ten years to pay back the loan. We almost couldn't make it, but luckily, my parents helped with the money shortage. I always knew I wanted to pay it off sooner to get rid of the debt and not owe something to someone. As someone else commented, the mental health of not owing anyone anything was my main motivation. Now I want to get another mortgage for my daughter and was thinking about applying at [Removed by Mod]. We will work together to pay back the loan, but for now, I want her to be independent and live on her own.

  • You might worry about the debt hanging over you, but try not to unless you are in difficulty and then its best to get help.

  • Today, no one is surprised by loans because almost the majority of the population has them. It is pretty easy to find out why people resort to loans. The main reason is the desire to get what they can't afford. Although often loans are taken because of the difficult financial situation (difficulties at work, moving, health problems, etc.).For almost all people, the word "loan" causes fear, at least trembling and anxiety. Loans have had a bad reputation for a long time. They lent money since ancient times when the first moneylenders appeared. They lent money on the security of jewelry, livestock, and other property. If a man could not pay back the money on time, they would take away almost everything he had. [link removed by moderator]

  • I'm going to take out a loan, how does it feel to live knowing you have a loan?

  • Hello, I am not a professional in this field, and I don't know if I can help you with a proper answer. It depends on your monthly income and many other factors. Also, it depends on the bank and on the sum of money you want to borrow from it. [link removed by moderator] Maybe there you will find an answer to your questions. My cousin recently took a mortgage from this company, and he said they are very welcoming and will find a way to help you.

  • Thank you very much for your suggestion. At first I will have a talk with a mortgage agent. 

  • Thank you so much for your advice. I will try my best to contact as many people/institutions as I can. 

  • yes you can get a mortgage from one salary. The best way to find out what you can buy is to talk face to face with a building society or mortgage agent/broker. Try 2/3 agents just an initial chat to see what you can afford.  Dont forget to try the Credit unions as some do mortgages as well.

  • Hi, I know there was help with mortgage payments to those on DLA under the last Labour governments but I believe this was taken away when the Conservatives got in in 2010 but you'd need to check this presently.  

    My first call would be to Citizens Advice and ask to speak to someone familiar with housing/mortgages or they will point you in the right direction. You'll likely need a list of all benefits coming in, the main earners income and the appropriate deposit required for the amount of mortgage you're thinking of taking on. 

    Failing that you may be eligible for a Co Ownership mortgage or you could simply rent a bigger place in the meantime ?