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Mortgage
Guide
Click for Full Contents
Can I get state help with my mortgage?
This article is about if you have problems paying your existing mortgage. Follow this link to read about UK Government help with buying property for first time buyers, key workers etc
If
you get into financial difficulties and have trouble making
your monthly mortgage payments, don’t assume the
state will step in.
To get even limited mortgage help, you’ll need to
be eligible for Income Support or income-based Jobseeker’s
Allowance.
To qualify, you need to be working less than an average of 16 hours a week and earning a low income.
You won’t be eligible if you have a partner working 24 hours or more a week, or if either of you have more than £8,000 in savings.
And the payments will be reduced if you’ve got over £3,000. The help you can get
Even if you qualify for the full benefit, it will cover only the interest on the first £100,000 of your debt – and only up to a pre-set rate. (If your interest rate is higher, tough.)
There’s no help with repaying the capital part of the mortgage debt (in other words, the amount you originally borrowed) or any endowment or other linked savings policy.
And if you took out your loan after September 1995, you will have to wait 39 weeks to get anything.
For older mortgages, payments start after eight weeks, but for the next 18 just half the eligible interest is paid. The solution
If you don’t have mortgage payment or income protection insurance in place, think seriously about getting some.
To find out more, read our mortgage protection insurance guide.
We can put you in contact with a professional mortgage adviser who will find you your best mortgage. It's free and completely confidential. Simply fill out the form below
Read on about Mortgages for First time Buyers
Process / Flow Chart of What Happens
Intro / What you're getting into
Buying
your first home
Be
careful out there
Don't just grab
the first mortgage you can
Problem:
having enough money
100% Mortgages for First Time Buyers
Should
I borrow five times my income?
Buying as a couple
Already own separate homes?
TIPS
for First Time Buyers
Having problems as a First time Buyer? Read some Solutions
UK Government Help, HomeBuy and Key Workers Schemes
Read On / Mortgage Guide
Choosing
a Mortgage
UK Mortgage Types
UK
ReMortgages
How to get Your Mortgage
What is a Mortgage in Principle
Costs and Fees of UK Mortgages
Summary of All UK Mortgage Types
Read On
Guide to Home Buying for the UK
UK Mortgage and Home Insurance
Browse over 200 Free Mortgage TipsYour Complete Guide to UK Mortgages Find Out How to Win the Race to Buy Your Home - Home Buyers Guide Learn How to Save ££s by Remortgaging Read the Insider Info on Home Insurance Site Help |
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