Who are the best lenders to approach for a mortgage when you are unemployed?

PamelaQ1888

I've heard that there are some lenders who will give you a mortgage when you are unemployed; where is the best place to start?

canaldumidi

Best place to start is an independant mortgage broker.

sourpuss2021

Bank of Mum and Dad?

JohnnyB70

I’d imagine it’s not going to be a long list; how will you service it without an income?

PamelaQ1888

canaldumidi said:

Best place to start is an independant mortgage broker.

Thank you. 

PamelaQ1888

sourpuss2021 said:

Bank of Mum and Dad?

Interest rates are exorbitant.

Ebe_Scrooge

As per a previous poster, a broker is likely to be your best bet.  Key questions will come down to income and affordability.  What income are you receiving, how much disposable income do you currently have that could go towards paying a mortgage each month?  Have you got money for a deposit saved up?

It's very difficulty to say without knowing a bit more about your income and expenditure - but I guess a key starting point will be, can you actually afford to make the repayments every month?

canaldumidi

On 31 December 2008, Chelsea BS merged with Catholic Building Society, based in Westminster, London. Founded in the 1960s, Catholic's guiding principles and objectives were focussed on helping first-time buyers, many of whom were on low incomes, and to give single women and widows an equal opportunity to buy their own home. Chelsea is committed to maintaining and developing Catholic's strong heritage and successful niche markets.

SiliconChip

Do you have any income other than state benefits? Are you expecting to return to employment soon? If the answer to both questions is no I don't see how you can meet any lender's affordability criteria.

K_S

PamelaQ1888 said:

I've heard that there are some lenders who will give you a mortgage when you are unemployed; where is the best place to start?

@pamelaq1888 Yes there are lenders who will consider applicants that are 'unemployed' but they will still need to see some form of income for example - pension, benefits, maintenance, investment income, rental income, etc etc. This income stream will need to meet the lender criteria (no universal rules, the exact requirements and permutations/combinations will differ across lenders) for regularity+sustainability and be large enough to borrow the amount you need.

As mentioned above, your starting point would be to speak to a broker. Please see here for the MSE guide on how to find one https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3