Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

Can you get a mortgage with no job?

15 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Probably not, unless you have a source of rleiable income e.g. dividends, maintenance, inheritance etc

    However i do believe people on certain benefits are able to get mortgaes for "right to Buy2 propetiesas they are bring their years of discount with them, and thus not looking for a 100% mortgage" they get oaons if can prove can repay, and becuase of fact property has a lot fo equity in"

    Otherwise may get one if you can provide a guarantor, however generally a lender will still want to satisfied you have income to pay yourself first even if have a guarantor"

    "If you are seeking a re-mortgae" e.g you already have aproperty, and equity built up on property there are some specialist lenders who would re-mortgage against equity"

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  • 1 decade ago

    Of course you can. Mortgages are not conditional on a job, they are conditional on a credit score and ability to pay.

    If you had a few million in the bank and wanted a mortgage to buy a 2 bed terrace in Sunderland, I don't think they would insist you got a paper round.

    No offence to my friends from the NE

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  • 1 decade ago

    When getting a mortgage, or any loan, the bank is going to look at your ability to repay.

    If you have no job, you would need some other documented income to get a loan. if you were unable to document some income as as basis to repay, you would not get a mortgage.

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  • Dragon
    Lv 7
    1 decade ago

    Yes, if you have income from another source that gives you an ability to make the payments you might qualify for a mortgage.

    Source(s): I'm a mortgage banker.
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  • 1 decade ago

    no a mortgage lender will want to see that you are working and have been for sometime otherwise they are taking a risk on giving you the money to buy the property they also look at your previous credit history. hope this helps.

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  • spot
    Lv 5
    1 decade ago

    If you have income, yes. My in-law got a mortgage when she was 70 and she had pension and social security.

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  • 1 decade ago

    You mean: self employed? Yes.

    You mean: Can't prove your income? Yes.

    You mean: No source of income? With a good enough credit score and enough equity, yes. Whether it's a good idea is debateable but unlikely.

    Source(s): Realtor and Loan Officer in San Diego. Website http://www.danmelson.com
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  • 1 decade ago

    No, you can only borrow 5 times your annual income and you have to prove that you will be able to pay the money back.

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  • 1 decade ago

    You would have to convince a mortage company to give you a loan with no income.

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  • 1 decade ago

    it is unlikely to get a loan for anything with no job. they will ask for proof, like a recent pay stub.

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