Yes, you can get a mortgage using benefits.
When assessing your mortgage application, a lender’s biggest concern is the amount and stability of your income – and many are happy to consider government benefits as income.
Can you get a mortgage when on universal credit?
Help with mortgage payments or loans is provided as a loan. You can only get help with mortgage payments if you have been claiming Universal Credit for 39 weeks or more, with no breaks or earned income in that time. Earned income can include earnings from paid work or, for example, statutory sick pay or tax rebates.
Can you get benefits if you have a mortgage?
Support for Mortgage Interest
If you’re claiming a benefit such as income-related Employment and Support Allowance, Income Support or Universal Credit you might be able to claim help with your mortgage interest payments. This is called Support for Mortgage Interest (SMI) and is offered as a repayable loan.
Which banks accept benefits for mortgages?
The mortgage lenders that accept benefits include:
- BM solutions.
- Chelsea building soc.
- Clydesdale Bank.
- Co-operative Bank.
- Coventry Building Soc.
Can I buy my house on benefits?
Being on benefits doesn’t affect your legal Right to Buy but you will need to make sure you can afford your monthly repayments. Being a homeowner may affect your benefits. For example you won’t be eligible for housing benefit if you become a homeowner.