Can I get a mortgage if I'm not working

mm707

I am currently not working ( through choice ) and not claiming any benefits. I have a house which is mortgage free but have seen another I would like to buy. I have a deposit of over 60% and would be able to clear the mortgage when my house sells. I was thinking of putting enough aside to pay the mortgage on the new place for a couple of years to give me time to sell my current house. The question is - would I be able to get an interest only mortgage on the new place as I'm not working at present ? I have read somewhere that self certification mortgages are no longer available.

Thanks

samtoby

I think you would probably have to wait if you have no income.

ACG

REALLY??

I think you can probably answer this question yourself.

GMS

No income no mortgage regardless of deposit.

Even if self cert mortgages were available exactky what would you declare as income? YOu have none so to state any would be fraud.

mm707

I have no income but enough collateral to buy the new place outright though I would probably have to go back to the rat race afterwards

Voyager2002

mm707 wrote: »

I am currently not working ( through choice ) and not claiming any benefits. I have a house which is mortgage free but have seen another I would like to buy. I have a deposit of over 60% and would be able to clear the mortgage when my house sells. I was thinking of putting enough aside to pay the mortgage on the new place for a couple of years to give me time to sell my current house. The question is - would I be able to get an interest only mortgage on the new place as I'm not working at present ? I have read somewhere that self certification mortgages are no longer available.

Thanks

So you want a short-term loan to enable you to buy the new place, to be repaid as soon as your current property is sold? In which case you should approach your bank and ask for a "bridging loan", which is likely to be granted, although at a high rate of interest.

Just be careful: if it takes longer than you expect for your property to sell, you might end up paying a fortune in interest charges.

Conrad

Buy to let.
Rates and or fees will be higher and for schemes suitable for you, there will be an early repayment fee in the first 1 or 2 years.

mm707

Conrad wrote: »

Buy to let.
Rates and or fees will be higher and for schemes suitable for you, there will be an early repayment fee in the first 1 or 2 years.

This looks like the best option. Looking on moneysupermarket I can get just under 4% fixed for two years. It appears that the deciding factor is the potential rental income compared to the amount you are borrowing so with a 60 or 70% deposit I may be ok. Will go and see a broker and report back


Many thanks

koexelek

ACG wrote: »

REALLY??

I think you can probably answer this question yourself.

probably more chance of a yes if you take all your groceries to the Tesco checkout and ask if they will let you off without paying

slopemaster

Conrad wrote: »

Buy to let....

What would happen though if you got a buy to let mortgage, but then moved into the property yourself?
Would that be a problem?

slopemaster

mm707 wrote: »

Will go and see a broker and report back

Please do, will be interested to hear...