60% deposit but no job - My options? Can I get a mortgage?

bel09

Hi,
I wonder if anyone can help me with my situation. I have a deposit of more then 60% of a property value I'm looking for. I'm a first time buyer with good credit rating. However my job contract finished 5 months ago and I have been looking for a job since. I anticipate I will be in employment by end Jan/Feb but could be longer. In a meanwhile I am living off the deposit and am going through the money really quickly. Its in the instant access savings account at the moment but as I've been transferring money over to the current account I've been losings all the interest. Is there anything I can do, anywhere to invest with this deposit to make it earn maximum interest while I'm looking for a job? Trouble is I don't want to lock it longterm and I want instant access as I want to buy as soon as I'm employed. Also is it possible to get a morgage without the job?
Thanks
Bel

_Andy_

You won't be able to obtain a mortgage whilst unemployed.

Cannon_Fodder

You'll probably need 6 months employment behind you to get a high street lender interested, so why not lock it up several months to make it go further...?

Even a 90-day notice account will be better in many cases.

jenny_13

As Cannon Fodder has said you need an employment history behind you. I was told I may not be accepted onto my mortgage as I'd just changed jobs (much better paid) as I had not been there long enough. I think most lenders you need to be out of any probation period you may have.

herbiesjp

jenny_13 wrote: »

. I think most lenders you need to be out of any probation period you may have.

Some do, some do not

Kyrae

How about a Lloyds TSB incentive saver account? You get 3% interest every month as long as you don't take any money out of the account. However, you can remove the money anytime if you need it in an emergency or to put down a deposit, you just won't get any interest that month.

ILW

Kyrae wrote: »

How about a Lloyds TSB incentive saver account? You get 3% interest every month as long as you don't take any money out of the account. However, you can remove the money anytime if you need it in an emergency or to put down a deposit, you just won't get any interest that month.

3% every month?

picardygirl

How would you intend to pay a mortgage without an income ...... ????

hoggums

Why don't you look for a house that's 40% cheaper?

ginvzt

If you really want to have a house, why don't you look for something cheaper? Like 60% value of what you want now...

A&L pays 3% interest on savings, and you have no restrictions to access. You may need a current account with them - but I am not sure.

ginvzt

hoggums wrote: »

Why don't you look for a house that's 40% cheaper?

Our post crossed over - that is my suggestion as well!!!