Mortgage with no job?

cramb0

Hi

Apologies if this is a very 'dumb' question to ask but do I have any hope getting a mortgage in the UK given that I have just been made redundant in Australia?

Just a bit about myself to set the scene. I am a UK resident who has spent the last 8 years overseas. I worked in Hong Kong for 6 years and most recently in Sydney for 2 years - both stints were at a large US financial institution. I tool voluntary redundancy last month and have moved back to Hong Kong in the short term to start my own business / relax!

Now I have more free time on my hands I finally have time to look at purchasing my first property. I have started looking at places in
London / UK as the prices seem more reasonable vs HK.

If I purchased a place in the UK it would be my primary residence FYI.

I guess my main question would be am I completely waisting my time entertaining getting approval on a mortgage given I don't technically have a job right now even though I could provide a decent downpayment (30-50% depending on the price).

Many Thanks

ACG

If you have no income then you cant get a mortgage as you have no official way or paying it.

kiss_me_now9

Sorry mate, but I had to laugh.

My sister and her husband have been looking into getting a mortgage for over a year now and can't get one because they don't earn enough - they have a combined income of around 30k per annum. Doesn't matter about the down payment as far as I understand, they look at how much you have coming in and will only lend you 3 times that.

ACG

kiss_me_now9 wrote: »

Sorry mate, but I had to laugh.

My sister and her husband have been looking into getting a mortgage for over a year now and can't get one because they don't earn enough - they have a combined income of around 30k per annum. Doesn't matter about the down payment as far as I understand, they look at how much you have coming in and will only lend you 3 times that.

4-5x is achievable depending on the circumstances (Deposit, credit commitments, dependents etc).

cramb0

No worries if you don't ask then you don't get!

Would I be eligible though for buy to let as I could then use the rental income as part of my 'income' no?

Biggest regret I have was not 'securing' a mortgage whilst I was working.

Seems strange they would not take into account your savings at all as I have managed to squirrel a bit away - I just want to be able to leverage myself up and to purchase a property and not invest everything.

ACG

They would take into accoun your savings as that would determine the LTV and the rate, but they also take into account how you intent to pay the remaining 50-70%.

As for the BTL there are limited lenders who would look at you as a first time buyer (by limited i mean 2-3), but as your intention is to live in the property they would not allow you to do it.

kiss_me_now9

ACG wrote: »

4-5x is achievable depending on the circumstances (Deposit, credit commitments, dependents etc).

Thanks for that - I have a feeling the area they're in (Cambridgeshire) isn't helping but also that they're a bit "We've looked at one place and they said no so no-one will help us!" about it

Thrugelmir

cramb0 wrote: »

Seems strange they would not take into account your savings at all as I have managed to squirrel a bit away - I just want to be able to leverage myself up and to purchase a property and not invest everything.

The world has moved on since you left these shores. Whilst borrowers are happy to leverage up. Lenders are busily deleveraging to reduce risk.

cramb0

Thrugelmir wrote: »

The world has moved on since you left these shores. Whilst borrowers are happy to leverage up. Lenders are busily deleveraging to reduce risk.

How inconsiderate of them all!!!!