Can I get a mortgage with no job but £70k to make payments until a job is obtained?

Persephone_Mulberry

I have a dark suspicion the answer is no, but to run over the situation...
My husband has been off on long term sick leave for over a year. We can no longer afford to cover the financial losses of this situation and are preparing to sell our house and move to a cheaper area.
I am currently pregnant (created during a 2 month blip of good health I should add!) and so cannot really get a job until after November.
Our desired plan (to try and get some good out of the whole situation and given he really needs to recover properly) - is to sell, move and basically take a year together with our child and new baby.
We would be moving to a much cheaper area where even IF we had a £150k mortgage (as now) and put another £80k into the house, we would still have roughly £70k in the bank.
Is there Anyone who would accept this as a good enough guarantee that we could meet our mortgage payments for that year before we started working again?

We have met all our monthly payments on our current mortgage and have a good credit rating.

Many thanks for any guidance.

glentoran99

you may be able to port your existing mortgage,

amnblog

No - is the simple answer.


No income - no mortgage.

Persephone_Mulberry

It does sound so crazy for the answer to be no, in that our repayments for the year would only be £7k!

amnblog

But what does the lender have to satisfy the regulator on the long term viability of this situation.

glentoran99

amnblog wrote: »

No - is the simple answer.


No income - no mortgage.

Not even porting mortgage from one property to another?

Pixie5740

Only the rate is ported.

glentoran99

Personally I think its worth talking to the lender, I was in an impossible situation, advised what I wanted to do wasn't possible


3 defaults on Credit file (all over 10 grand) but paid


Negative Equity on house outstanding mortgage was £120,000 sold for £74000


the bank allowed me to borrow more on top to move house, effectively a new negative equity mortgage at 90% LTV rates

Persephone_Mulberry

Hmmm called current mortgage provider and they say a non savings income is definitely required.
*head wall*

Thrugelmir

Rent until such time as your personal circumstances stabilise.

note3

If you're set on buying and are open to moving areas then perhaps consider a move further afield...for instance in Wales and other parts of the country there are houses you can buy for £50/60s so could I'm effect buy outright and have no mortgage?