Mortgage without a job ?

izzzzythedog

Sold our house , moved area and into a rental cleared debts , sitting on a good lump sum . Had a bit of an extended holiday period .

However we havnt been proactive in looking for work locally until recently . I start a new job Monday , the wife tomorrow . We have no wage sheets worth showing but bank statements are no problem.

A house has come onto the market yesterday night and its where we want to be .
We have a deposit to the tune of about 60% of the cost of the property , we will need to find finance elsewhere ... what sort of finance is unknown .

I havnt been able to get an appointment with any financial advisers so thought id ask here to pre-empt what to expect . I have no idea of if its a possibility even . Im just guessing when i say maybe we could finance it as a buy to let to avoid the pay slips issue or a friend suggested a bridging loan until we can remortgage off the strength of pay slips or ?

Any advise would be welcommed .

foxy-stoat

The finance will be a residential mortgage - not sure why you think a BTL mortgage will work.

Speak to a mortgage broker and they will be able to sort you out.

kingstreet

There are lenders who will lend using a job offer and a start date.

Seek independent broker advice.

izzzzythedog

kingstreet wrote: »

There are lenders who will lend using a job offer and a start date.

Seek independent broker advice.

That is beyond refreshing , thank you .

izzzzythedog

foxy-stoat wrote: »

The finance will be a residential mortgage - not sure why you think a BTL mortgage will work.

Speak to a mortgage broker and they will be able to sort you out.

Chatting it was the closest we could come up with for a plan to be able to get it on the stregth we will have no wage sheets and therefore proof of earnings .
We figure a BTL would be a possibility as theres a degree or inherent risk built in to the loan and therefore given we would have the larger stake and have more of our own capital at risk we thought this maybe a possibility to purchase then seek a residental 3 months down the line .Happy to be wrong , its just a thought we have run past each other , another is apply for every credit card we can find with the slight issue of 30% apr ..

marmitemum

My son in law and daughter have just applied for a job based on a future job - message me if you would like details of the independent broker who has been really helpful.

ACG

If you are not renting out the property, you do not want a BTL Mortgage.

As someone said further up, there are lenders who may accept you with a job offer or one payslip.

System

izzzzythedog wrote: »

Im just guessing when i say maybe we could finance it as a buy to let to avoid the pay slips issue

Not any more. Most BTL Lenders want to see a non-rental income, typically at least £21,000.

JPB123

Tarambor wrote: »

Not any more. Most BTL Lenders want to see a non-rental income, typically at least £21,000.

Why do some people feel the need to answer and then just pluck "facts" out of the air?


There's no-one with a £21,000 min income


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