Asked by: Piere Sperrholz
asked in category: General Last Updated: 4th June, 2020

Can I get help with my mortgage if I am unemployed?

If you are unemployed, you might be able to get a mortgage forbearance, loan modification, or temporary financial assistance to tide you over.

Click to see full answer.


In this regard, can you get a mortgage if on benefits?

It is still possible for you to get a mortgage if you're on benefits. Many lenders will take government benefits into account when calculating your affordability.

Also Know, what happens if you can't afford mortgage? Generally, the banks will sell the property, and if the proceeds don't cover the full loan balance, you could be required to pay the difference. This is called a “deficiency judgment”4? and requires additional legal action on the part of your lender. Mortgage lenders offer a grace period on monthly payments.

Similarly, it is asked, what to do when you lose your job and have a mortgage?

These strategies may help keep you in your home during tough financial times.

  1. Work Out a New Payment Plan. Inform your mortgage lender immediately about your job loss or reduced work hours and negotiate a modified payment plan that fits your lower income.
  2. Ask for Help.
  3. Rent a Room in Your Home.
  4. Have a Garage Sale.

Can I get Housing Benefit if I have mortgage?

You might be able to get Housing Benefit to help pay your rent if you're on a low income or you claim benefits. Housing Benefit is paid by your local council. If you own your home, check if you can get help to pay your mortgage interest instead. Most people can't make a new claim for Housing Benefit.

28 Related Question Answers Found

Does claiming benefits affect mortgage application?

Is the right to buy scheme ending?

Do benefits count as income?


Can you buy a house while on universal credit?

Can I apply for housing benefit if I have a mortgage?

Can I live in a caravan and claim benefits?


Can I get a mortgage with no credit?

What happens if you lose your job after buying a house?

Can you freeze your mortgage payments?


Can you refinance a home without a job?

How do you manage finances when you lose your job?

What is reinstatement of mortgage loan?


What do you do when you lose your house?

What is mortgage protection insurance?