As with any mortgage, lenders are mainly interested in your ability to repay . Lenders will want to see proof of your income and to understand your expenditure, and if you have any debts. Lenders will also want proof that you will be able to keep up repayments if interest rates rise.
Having an income that’s either partly or mainly made up of benefits shouldn’t stop you from getting a mortgage, but it can make it more difficult.
Some lenders are more likely than others to accept benefits as income when doing their affordability checks. This includes disability-related payments.
It can also be tricky if you’re only receiving disability-related benefits for the short term – if you expect to be able to return to work at some point in future.
Lenders are unlikely to approve a mortgage application based on short-term benefits, so their approach will depend on your exact situation and their own requirements.
A specialist mortgage broker can help you find a lender that’s willing to lend to someone in your situation. (See ‘Get specialist advice’ below.)