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Is A Mortgage Possible Based on Savings Rather Than Employment Income?
Magnolian
Posts: 30 Forumite
Is it possible to get a mortgage based on savings rather than income from employment? If so how would a lender work out how much they'd be willing to lend (assuming the borrower has good credit Etc.)?
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Comments
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No. If you had income from investments that might be possible.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Are you talking about the savings amount or the income from savings?
Mortages are purely based on income levels, as the lender needs to understand your ability to pay the monthly payments from your monthly income.
Savings are not income, they are a balance.1 -
No, they will not lend based on savings.Magnolian said:Is it possible to get a mortgage based on savings rather than income from employment? If so how would a lender work out how much they'd be willing to lend (assuming the borrower has good credit Etc.)?
Savings can be used to fund your deposit, but not your repayments.
The question they will ask and think about is, what will happen when the money from your savings runs out?1
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