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Specialist Mortgages

For People Unable To Meet The Lending Criteria

Not everyone ticks the regular lending criteria boxes. At Agentis, we believe that shouldn’t mean you can’t get a mortgage. We have access to a range of more flexible lenders. To find out more about how specialist mortgages, including your options and how they could help you, read our guides.

Posted On: August 12, 2021
Updated On: August 9, 2022

Can I Get a Mortgage On Universal Credit?

Whether you’re looking for a mortgage whilst on Universal Credit or looking to continue mortgage repayments whilst claiming benefits, this guide will walk you through everything you need to know.

What is Universal Credit?

Universal Credit is a benefit that people below a certain income and savings threshold can claim in the UK.

Can I get a mortgage if I’m on Universal Credit?

If you’re on Universal Credit it can be helpful to know that this doesn’t necessarily lock you out of the property market. In other words, it’s still possible to get a mortgage even when you’re on benefits.

You should talk to a specialist mortgage broker who has access to a broader range of mortgage lenders to give you the best chance of securing a suitable loan. Lenders will look at your credit score and other assets outside of your benefits, including any extra income to determine how much you can afford.

What if I already have a mortgage but need to claim benefits?

If you have a mortgage already, you can apply for financial contributions towards the repayments. This is known as Universal Credit housing costs.

To benefit from this scheme, you will need to show proof of your mortgage. This might include:

  • a mortgage or loan agreement
  • a current mortgage statement
  • bank statements showing the payment of the mortgage or loans

To be eligible for Universal Credit housing costs, you will need to have claimed Universal Credit for 39 weeks or more, with no gaps or earned income in that time – this includes statutory sick pay or tax rebates.

This help with mortgage payments is provided as a loan which is payable once the property is sold or transferred to a new owner.

We hope you found this guide useful. If you have any questions regarding getting a mortgage on Universal Credit, our friendly and knowledgeable mortgage brokers based in Peterborough, will be able to calculate your affordability and negotiate the best rates for you. As Whole of Market brokers, Agentis can give you access to more options, and we go the extra mile to make the process that little easier.

Contact Agentis today to arrange your free initial consultation.