No Income - Is it possible to get a mortgage?

lazydayz

Hi,

This is a silly question I know, as I type it sounds even more ridiculous, but is it possible to obtain a mortgage if you require a low LTV and have no income?

I assume this is a straight forward 'No', however I will post my current situation and would appreciate any .

I have recently been made redundant and currently rent a property. I currently have £140k in savings and there is a property that I am interested in that I could obtain for 135k (this represents a circa 30% drop from the peak price in that road for similar properties).

I would be looking to get a 35k mortage leaving 40k to get me by until I am able to gain employment.

Some figures are:

• Mortgate payment would be approx 250pcm
• Current rent 700pcm
• Current interest from savings - very low!

As I have no income I assume that I will not get a mortgage or are there any options available?

Any helpful advice (other than - your stupid, keep the cash !) would be appreciated.

groundsman76

There is no chance of you getting a mortgage without a job. Plus anyway why would you borrow money when you have enough to cover the full cost of the house? Bad economics that, interest paid on the mortgage is greater than that recieved on savings.

_Andy_

No you won't be able to get a mortgage.

slopemaster

groundsman76 wrote: »

There is no chance of you getting a mortgage without a job. Plus anyway why would you borrow money when you have enough to cover the full cost of the house? Bad economics that, interest paid on the mortgage is greater than that recieved on savings.

Not necessarily.
I have money locked up at 7.15% (the day before the Icelandic banks went under) and am borrowing at 3.99% - or i will be if I can get vodafone to take their LIES off my credit file!

slopemaster

Maybe witha guarantor?
(But I'm not an expert)

darkman13

i asked the same question to my broker ACL " is there any mortgages where you do not have to prove incom" and he came back and said yes there is one but at 7% rate

_Andy_

That's not the same question - the OP doesn't have an income at all.

darkman13

Yes my mistake!

TEDDYRUKSPIN

This question is similar to people coming up to you on the dole! I don't earn an income but I am on the dole. I have plenty of money stacked up at home in a bag but would like to buy a house! Can I somehow launder my money about!

The day of a life of an advisor.

PasturesNew

When the OP buys a house though they'll be deemed as having deprived themselves of capital for dole purposes.

If the OP gets contribution-based JSA (max 6 months) they'd get that, but once that's over they'd be on their own.

So, sat in a house they own, but with no income and overheads of the bills.

So, the OP needs to get a job, ANY job, that pays the minimum they need to survive on - and buy the house for cash.

Torby

blimey...that sounds a bit over the top...put a roof over your head and its seen as depriving yourself of capital....glad I don't need a roof over my head...mmmmm...then again I haven't any savings either....lol