Mortgage without job

laughsatcats

Hi,
I currently own my house, mortgage free. I dont have a job but do get income from tax credit, child maintenance and spouse maintenance. I have found another house, which I would like to buy and then rent out my current home to pay the mortgage on this new property, increasing my portfolio. Is it possible to get a mortgage with my income situation the way it is?

If no then is there another alternative to resolve a situation like this?

Thanks

crazyguy

Pretty much a 50.000,0000 to 1 chance so it looks like getting employment is your only option, if you cannot then stay put

Thrugelmir

laughsatcats wrote: »

Hi,

If no then is there another alternative to resolve a situation like this?

Thanks

No. So you'll need a job to pay a mortgage.

HappyMJ

You don't "need" a job to start an investment business. Your new job will be landlord. You'll need a business plan and a backup method of paying the mortgage if the tenants fail to pay the rent. Rent Guarantee Insurance can work.

So it is possible to do if you wish.

GMS

HappyMJ wrote: »

You don't "need" a job to start an investment business. Your new job will be landlord. You'll need a business plan and a backup method of paying the mortgage if the tenants fail to pay the rent. Rent Guarantee Insurance can work.

So it is possible to do if you wish.

Almost all lenders for Buy to Let want to see a minimum income which can be proven, usually 25k.

You want to buy a property to live in which will be a residential mortgage for which you will need to have an income. Benefits and maintenance can be used alongside an earned income but as a stand alone source you will struggle.

crazyguy

not only that is highly unethical to use state handouts to buy an extra property

Owain_Moneysaver

crazyguy wrote: »

not only that is highly unethical to use state handouts to buy an extra property

more or less unethical than using state benefits to buy beer and cigarettes?

ILW

Could rent the place out to the council at a nice profit, whilst financing the venture using benefits. Brilliant.

Thrugelmir

HappyMJ wrote: »

Rent Guarantee Insurance can work.

.

Doesn't pay up when the property is empty and therefore there is no income.

A slight flaw in your business plan.

crazyguy

Owain_Moneysaver wrote: »

more or less unethical than using state benefits to buy beer and cigarettes?

Its all a much for much tbh, benefits should all I think be means tested and where applicable be given out in food/rent and utility vouchers only rather than cash ( just my opinion )

HappyMJ

Thrugelmir wrote: »

Doesn't pay up when the property is empty and therefore there is no income.

A slight flaw in your business plan.

True that's why I said "can" it will pay up if the tenant doesn't pay as I said. Void periods are typically quite short so there will still need to a way to pay the mortgage during that time. No one has asked just how much much money the OP has coming in. Maybe the money from child maintenance and spousal maintenance can easily support a mortgage.