mortgages and the welfare?

D

danois

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Is it possible to get a mortgage from any one if you are on a a welfare payment?
I am in college and recieving a back to ed allowance but really want to start buying my house sooner rather than later and i really dont want to have to drop out of college without a qualification just to get a job to pay a morgage i would rather fininsh my quaification first.
 
If your only source of income was a welfare payment the I doubt that many lenders would advance a mortgage. Normally lenders will require that you are in full time employment or self employed with a certain number of years' worth of audited accounts etc. This is in addition to the usual affordability criteria that they have for applicants. Do you really have to buy a property now? Surely jacking in college would be a bad idea since presumably you earning potential with a qualification should be higher than without?
 
i know you are more than likely right it just seems to be getting more and more exspensive and im afraid if i wait i will never be able to afford to buy.
 
mmmhhh danois I am not sure if you saw the programme "This World" last night on BBC2 last night I dont think you would be in a rush to buy a place.
I can understand your want to get on the property ladder however buying now would not be sensible. I was a mature student, and when I started collage I could afford to buy a place - how ever all that changed by the time I left in '01. Complete collage first , that is your main priority....
 
Even if a lender would take it (which they almost certainly won't) it would have to be an awful lot to alloq you to receive a sunstantial mortgage.
 
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