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First time buyer, needs advice. Would I get a mortgage??
sunni
Posts: 801 Forumite
Hello
I live with my Mum and I'd just love my own little place now. She owns the house outright which we're living in and there is no mortgage on it.
Now, here's the downside - I'm currently not working but hopefully will soon, have savings of £30k. I've saw a few repossessed houses at around £60k and would I get a mortgage if I'm not working? (sorry if this sounds silly but I've no idea re mortgages etc)
Any advice/help much appreciated :-)
sunni
I live with my Mum and I'd just love my own little place now. She owns the house outright which we're living in and there is no mortgage on it.
Now, here's the downside - I'm currently not working but hopefully will soon, have savings of £30k. I've saw a few repossessed houses at around £60k and would I get a mortgage if I'm not working? (sorry if this sounds silly but I've no idea re mortgages etc)
Any advice/help much appreciated :-)
sunni
0
Comments
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do you have any sources of income other than the returns on your £30k ?
you can't get a mortgage without some sort of income to pay it back with0 -
No ... I'm not working at the moment so don't have any income... looks as if then I'll need too get a job off the ground first... is there any rules as in I need then too be working for certain length of time before I'd get a mortgage?0
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So you wanted to mortgage a 60k house with a 30k deposit; while having no income. So what money did you think was going to pay the mortgage, utilities, etc every month?0
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Yes ok I'm living in dream world tonight lol I'm hoping too get work soon so one shall have to wait!!So you wanted to mortgage a 60k house with a 30k deposit; while having no income. So what money did you think was going to pay the mortgage, utilities, etc every month?
Is there a timescale though that I have to be working for certain length of time before I'd get a mortgage?0 -
Most mortgage providers want you to have been in employment for at least 6 months.0
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also bear in mind that buying a repo is not for the feint hearted - do your research on that so that you are aware of the differences.0
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Oh really grahamgoo, now I'm worried lol need too do some research then!0
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