Can I get a mortgage with no income?

harriettesme

Bluebell1000 said:

harriettesme said:

silvermountains said:

harriettesme said:

No other debts and the CCJ will 'disappear' in nearly 2.5 years. Would your advice be to go via a mortgage broker or should myself go back to work and essentially my income will go completely towards child care costs? 

Your income will not completely go towards childcare costs.  That's completely the wrong way to look at it.

Your child has two parents, meaning childcare is a shared expense.

Also think of all the other benefits that will come from going back to work.

Sure but we have chosen for me to be a stay at home Mum so my question is with our scenario can we get on the ladder so your input is not exactly helpful and I'm unsure what exactly I'm supposed to gain from your reply. To say my child has two parents, correct, but I am not a high earner and I am not willing to put my 1 YO in nursery full time, there is a lot to consider it is not as straight forward as you might think. 

You did ask whether you should go back to work, and the poster replied about how you could view the costs, instead of looking at it as you paying it. If you are sure that you don't want to work then of course that's your choice, but please don't get annoyed with the poster who gave a perfectly reasonable reply to your question! 
Personally I couldn't wait to get back to work and drink an uninterrupted cup of hot tea 😅 but obviously it's not the answer for everyone. 

I asked if going back to work would get us a mortgage as it would not help us financially, to be told think of all the benefits - isn't helpful at all, it's just condescending. All I wanted to know was if our family could get a home with how things are right now and from some responses yes it seems possible so now we'll move forward to speak to a mortgage advisor

simon_or

OP, you need to do what's right for you and your family and it looks like that's being a stay at home parent for the time being.

About the mortgage, it's absolutely possible to get a mortgage with a bad credit history. Mine was much much worse and I still got one I was happy with. You just need a decent broker, that's it.

Get a 2 year fix to start with and when it's ending, remortgage to a normal high street lender.

harriettesme

simon_or said:

OP, you need to do what's right for you and your family and it looks like that's being a stay at home parent for the time being.

About the mortgage, it's absolutely possible to get a mortgage with a bad credit history. Mine was much much worse and I still got one I was happy with. You just need a decent broker, that's it.

Get a 2 year fix to start with and when it's ending, remortgage to a normal high street lender.

Brilliant thank you so much for replying this is really helpful, starting to feel there is hope. 

GixerKate

Why not talk to a mortgage broker and see whats possible.  I put off moving for years because when I did my internet searching it was very disheartening.  I finally talked to a mortgage broker and suddenly we had a number of options on the table.

prowla

I don't see how a company would grant a mortgage to someone with no income of their own and who is reliant on someone else who wouldn't meet their criteria for a mortgage.

(Not intended to be a judgemental comment - just applying a bit of logic to the financial question...)

user1977

prowla said:

I don't see how a company would grant a mortgage to someone with no income of their own and who is reliant on someone else who wouldn't meet their criteria for a mortgage.

Yes, but the point is that the OP appears to be incorrect in their assumption on the last point.

Tonberry

Pretty simple.

Alone you're eligible for nothing. Apply for a joint mortgage with your partner and it is possible you'll be accepted together.

Several factors involved but a mortgage broker should be able to assist.

harriettesme

GixerKate said:

Why not talk to a mortgage broker and see whats possible.  I put off moving for years because when I did my internet searching it was very disheartening.  I finally talked to a mortgage broker and suddenly we had a number of options on the table.

Honestly I've felt as though I will be laughed at by a mortgage broker however it seems from the responses it could be possible so now I feel much more comfortable having a chat with someone which is great 

harriettesme

Tonberry said:

Pretty simple.

Alone you're eligible for nothing. Apply for a joint mortgage with your partner and it is possible you'll be accepted together.

Several factors involved but a mortgage broker should be able to assist.

We actually thought this would never be possible but if it is in fact a route we could take that would be best for us, we will be speaking to a mortgage broker next, thank you for replying

london21

A knowledgeable broker would be able to assist and advice you and your partner. 

Don't take things personal and focus on the end result you want to achieve. 

All the best.