Can you get a mortgage with no job?
- Anonymous1 decade agoFavorite 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"
- Michael HLv 71 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
- papecheLv 51 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.
- DragonLv 71 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.
- spotLv 51 decade ago
If you have income, yes. My in-law got a mortgage when she was 70 and she had pension and social security.
- 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
- CatwhiskersLv 51 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.
- Barry GLv 51 decade ago
You would have to convince a mortage company to give you a loan with no income.
- ...mr2fister...Lv 71 decade ago
it is unlikely to get a loan for anything with no job. they will ask for proof, like a recent pay stub.