Mortgage providers accepting state payments as income

T

The_Cash_Man

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Do any mortgage providers accept state payment as income? My wife is on Invalidity pension of 10k approx per year.
This could allow us borrow 3.5 x 10k = 35k more IF any borrower accepts it.
Does anyone know of any who do?

BTW we are building, so that reduces potential providers further!
 
Ulster Bank definitely do. They are still accepting mortgage applications. You could always switch down the road if you don’t like whoever takes over UB.
 
Thanks Easter.
Online research indicated that UB do self-build mortgages through brokers, but my local broker on their list wasn't sure over the phone and is now going to check!
Borrowing the extra 35k will have us much closer to eligibility for the Help to Buy Scheme also by approaching the 70% LTV requirement
 
Perhaps, if we were closer to 70% LTV. Without the extra 35k we are closer to 60% LTV.
Valuer acting on bank's behalf has to provide estimation of final house value including site and it's difficult to get them to come down , from unofficial discussions we've had.
 
Broker has confirmed that Ulster Bank will accept Invalidity pension if we can get letter confirming in writing that it is a guaranteed permanent payment.



Many thanks to Easter for sending us in the right direction.

We had been dealing with another broker who despite claiming to deal with all the banks, neglected to mention to us that he doesn't deal with Ulster Bank.
 
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