I never had a credit card.

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DullGreyGuy said:

Thumbs_Up said:

Forget about the mortgage query, it was a half-hearted and clearly I haven’t thought this out. Just really wanted to know if a bank would loan me a short term mortgage, knowing I haven’t a job, but backed up with a large cash asset.    

As long as you arent spending the capital and only relying on the returns then yes (and assuming you have an unencumbered property to loan against) however with an income of £15k the amount they will lend is small and the APR relatively high. A random check on MoneySupermarket assuming a reasonable value unencumbered property gave a 2 year mortgage for £11,000 at APRs ranging from 5% to 17%

An unsecured personal loan could come in at a lower APR and given your current rate of return it makes little sense to borrow the money -v- using the capital for whatever it is you need. 

I had to google “unencumbered property” I don’t own any property, I'm living in a house rent free, (but that’s another story)

DullGreyGuy

Thumbs_Up said:

DullGreyGuy said:

Thumbs_Up said:

Forget about the mortgage query, it was a half-hearted and clearly I haven’t thought this out. Just really wanted to know if a bank would loan me a short term mortgage, knowing I haven’t a job, but backed up with a large cash asset.    

As long as you arent spending the capital and only relying on the returns then yes (and assuming you have an unencumbered property to loan against) however with an income of £15k the amount they will lend is small and the APR relatively high. A random check on MoneySupermarket assuming a reasonable value unencumbered property gave a 2 year mortgage for £11,000 at APRs ranging from 5% to 17%

An unsecured personal loan could come in at a lower APR and given your current rate of return it makes little sense to borrow the money -v- using the capital for whatever it is you need. 

I had to google “unencumbered property” I don’t own any property, I living in a house rent free, (but that’s another story)

Mortgage has to be secured against a property you own or are the leasee on. If you dont own a property then a mortgage is not possible. 

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DullGreyGuy said:

Thumbs_Up said:

DullGreyGuy said:

Thumbs_Up said:

Forget about the mortgage query, it was a half-hearted and clearly I haven’t thought this out. Just really wanted to know if a bank would loan me a short term mortgage, knowing I haven’t a job, but backed up with a large cash asset.    

As long as you arent spending the capital and only relying on the returns then yes (and assuming you have an unencumbered property to loan against) however with an income of £15k the amount they will lend is small and the APR relatively high. A random check on MoneySupermarket assuming a reasonable value unencumbered property gave a 2 year mortgage for £11,000 at APRs ranging from 5% to 17%

An unsecured personal loan could come in at a lower APR and given your current rate of return it makes little sense to borrow the money -v- using the capital for whatever it is you need. 

I had to google “unencumbered property” I don’t own any property, I living in a house rent free, (but that’s another story)

Mortgage has to be secured against a property you own or are the leasee on. If you dont own a property then a mortgage is not possible. 

Thank you for the education and explanation.