No Income - Is it possible to get a mortgage?

Satellite_John

darkman13 wrote: »

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

To answer the OP.
It is illegal but some brokers will turn a blind eye and let customers lie about their income on self certify mortgages.

bryanb

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.

It's possible to get a mortgage without a job. You just need to prove an income-eg from Family trust, Investments that give a fixed return, Annuity income, probably more.
These don't apply to OP though. Just demonstrating that it's poss without a job.

maninthestreet

OP - Find yourself a job first, then think about buying a house. Harsh? Maybe, but trying to do it the other way around is bound to end in tears.

Satellite_John

It is always a slight gamble taking on a mortgage - but i think the OP is being reasonable in giving himself 40k to live off before he gets back into work. He might get benefits too.
Self cert route might work out.
You would have to tell some porkies and probably go through a broker.

_Andy_

Satellite_John wrote: »

It is always a slight gamble taking on a mortgage - but i think the OP is being reasonable in giving himself 40k to live off before he gets back into work. He might get benefits too.
Self cert route might work out.
You would have to tell some porkies and probably go through a broker.

Great - recommend fraud - nice one.
"Tell some porkies" - yes like create a fictitious employer and job. You're suggesting the OP commits a criminal offence. Your attitude is disgusting - why do so many people on these forums think fraud is perfectly acceptable yet have such scorn for the lenders that 'bought this country down blah blah'.

Satellite_John

Yes, I was wrong.

lazydayz

Thanks all for the replies - appreciated.

I do currently claim JSA contribution based and was fully aware that using capital to on a house purchase would be viewed as capital use. Its funny how paying over 25k in the last two years alone on tax/NI qualifies you for £64.30 pw for 6 months and nothing else - ho hum !

My aim was if possible to reduce my monthly outgoings whilst looking for employment but to have enough money as a backup for a number of years as I am getting a bit tired of moving around the country

Thanks again