Mortgage while unemployed??

cycleforlifefatty

A little feed back please. I have been working abroad for the past several years and have paid huge sums of money off the mortgage to reduce it as far as possible, I believe the mortgage balance is now about 65,000GBP though the current value is in excess of 500,000GBP. My wife and I have gone our separate ways recently and I now want to buy her share of the UK house, to which she has agreed. The house has tenants residing so the income is steady. I have recently lost my job and am now actively seeking new employment. I have enough savings to live on for the time being.
I need about 185,000GBP to pay my ex-wife and release her from the house/mortgage. I am not sure, but I reckon for this sum, the mortgage repayments will be about 800GBP max. per month and the income from the tenancy is over 1000GBP.
My question: Where/how can I get a mortgage for this sum, keeping in mind that I am not working at the moment? Is it possible to get a mortgage based on the income from the house?
Any advise will be appreciated.

KRB2725

If you post this in the Mortgages you may find that a broker will offer you some advice.

moneyistooshorttomention

The thing I am wondering about is whether the rental income would count as "income" and your benefit would be reduced accordingly (ie to nothing possibly?) and the DWP wouldn't allow you to use the rent to pay a mortgage on the place.

I think this sounds rather likely to me and the DWP will probably question that and also question you keeping a second house (ie I am guessing you have another house you would actually use to live in yourself?).

silvercar

A BTL mortgage would be based on rental income, but BTL lenders like to see that you also have an income to cover voids etc.

As for benefits and rental income - I assume this would be earnings, but the mortgage costs would be a legitimate expense, so the benefit people may look at the net profit as income. It's a business like any other, but I'm not a benefit expert.