How can I get a mortgage if I am not working?

Question

I have been made redundant and I want to use my money to buy a property and renovate it, but how could I get a mortgage if I am not working? I would be looking at a 75% mortgage. Would any lender borrow me the money and secure it against the property? How would it work? Thanks in advance for any answers I might get.

Answer 1

you can definately self cert to get the 70 or 75% you need.you can get a smaller percentage loan to value and pay a higher interest rate.go to a competent mortgage broker who does all the work before it reaches the lender so all bases are covered.good luck.once you get the mortgage how will you pay back? tenants ?can you work around them?or maybe just present this as a business plan.you could also get a job first then stop working if you can pay the mortgage without working

Answer 2

you will not get the mortgage if you not working, because even you want to buy this property to renovate and quick sale, you signing contract with the lender that you pay off your loan in 30,20,15 or 10years.
for the lenders it's not important when you want to sell the property ,they look for your ability to repay them the loan over your
contract term. if you not working how you will show them, that you have income coming to pay them?

Answer 3

I agree with si.

Most lenders want you to prove income and/or employment. Where I come from there are "No Doc" loans. Which means the lender does not ask about, and you do not have to prove, employment and income. Commonly these loans have higher interest rates and commonly the lender will only let you borrow, for example, 70% of collateral value as opposed to 80%.

Answer 4

Speak to a broker they will be able to look at your circumstances. People have a misconception about self cert, you cannot lie and say you are earning when your not because that is mortgage fraud and you could be sent to prison. Self cert is for people who do not have enough evidence of earnings to satisfy the lenders criteria, it is not a way to con yourself a mortgage.Be careful and good luck

Answer 5

Buy it as a buy to let.
Certain lenders will not ask certain questions. Just make sure you go to the right people as lenders and brokers which lack experience will credit score you each time which you dont want.
Any problems contact me I should be able to sort you.

Answer 6

No one will give you a mortgage if you are not working. You need to prove to them they will get there money back.
All mortgages are secured against the property.

Answer 7

It is possible because your tax accounts are a year in arrears. You can also self cert a mortgage which basically does not ask for real proof of earnings. Search the Internet for self Cert Mortgage deals.
good luck

Answer 8

No you can't get one, unless you say that renovating the property is a business then they will give you a business loan secured on the property.

Answer 9

How would you make the monthy payments if you were not working?
If you could prove how you were to make the payments then you could possibly get a mortgage. Try going to a mortgage broker and asking their help

Answer 10

you can't because yopu have to prove your income and your job status because the bank will wnat to see pay slips etc you can however mioght get away with it if you are claiming benefits and getting housing benfit bascially the bank and building society will need to see proof that you are abloe to make the preapym,ents on you r mortgage but not having a job doesn't offer a 100% gurantee