Can You Get a Mortgage While on Universal Credit?

Written By Christopher Smith

A Guide for Leigh, Atherton, and Tyldesley Residents

If you're on Universal Credit and dreaming of homeownership, you might wonder if it's possible to secure a mortgage. The good news is that with careful planning and the right guidance, it is indeed achievable.

Understanding Your Eligibility

Being on Universal Credit may pose challenges. But, lenders are now more flexible with their criteria. Here are some key factors that lenders will consider:

  • Your Income: Lenders will assess your total income, including any benefits you receive.

  • Your Employment Status: Your job search and part-time work can affect your eligibility.

  • Your Credit History: A good credit history can significantly improve your chances of securing a mortgage.

How a Mortgage Broker Can Help

A mortgage broker can assist you throughout the process. We can:

  • Assess Your Finances: check your income, expenses, and credit history to see what you can afford.

  • Identify Suitable Lenders: have access to a wide range of lenders who specialize in helping people on benefits.

  • Prepare your mortgage application: help you gather the right docs and finish the app.

  • Negotiate the Best Deals: and work with lenders to secure the most competitive interest rates and terms.

Tips for Improving Your Mortgage Chances:

  • Build a Good Credit History: Pay bills on time, avoid excessive debt, and consider a credit-building credit card.

  • Save for a Deposit: Even a small deposit can significantly improve your chances of securing a mortgage.

  • Seek Professional Advice: A mortgage broker can provide expert guidance and support.

If you need affordable mortgage advice for Tyldesley, Leigh, or Atherton, please contact us. We're happy to offer a free consultation if you're on Universal Credit and want a mortgage. We’re here to help you achieve your homeownership goals.

Disclaimer: This information is intended as a general guide and does not constitute financial advice. You must seek personalised advice from a qualified mortgage advisor. They can help you understand your specific circumstances.

Please note that mortgage lending is regulated by the Financial Conduct Authority (FCA).

Related Articles:

Getting a mortgage when you are Self-employed

First Time Buyers guide - Financial preparation for buying your first home

Maximising your finances - Guide to remortgaging even with bad credit

Christopher Smith
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