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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4545
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I have been today to HSBC to ask Mortgage, I have

Resolved Question:

I have been to my Bank to ask for 14k Mortgage, I have a house worth 112-115k no mortgage. Credit passed a year ago. I have no debts. I was told because I am on EESA /DLA plus a LifePension  I may not get a Mortgage because of my benefits. Bank letting me know beg.of week. Can you advise please. A.J.

Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,Hello and welcome. Thank you for requesting me and providing an opportunity to assist you. To the best of my knowledge, just because you are receiving benefits, does not mean that you can be refused a mortgage. In you case, you have 100% equity in your house and you require very small amount of mortgage on it which should work in your favor. Further, in many cases, it can be so arranged that the receipts of such benefits can be used directly to make mortgage payments. So, in my opinion, the merely being on benefits cannot be a reason for a refusal. Only if these benefits are NOT enough to service the debt of the mortgage, the bank may likely refuse. Otherwise I see no reason. I am sure this would help.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question,Warm Regards
Customer: replied 2 years ago.

Thank you for replying. I was given an amount for repaying and it was within my means. It will be interesting to see what the outcome of this will be.

Expert:  Rakhi Vasavada replied 2 years ago.
Dear *****e,

Hello again. Yes, that is true. With no apparant reason for refusal of mortgage, it would be interesting to know what would be the outcome of this.

I do not think you should have any difficulty as such.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question,

Warm Regards,

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