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Can I get a mortgage if I'm not earning an income?

Posted on 25 December 2012 by Ian Endfield


Hi, I have never taken out a mortgage before and bought a property for myself with inheritance money. I am currently not earning an income. Can I mortgage against the value of my property and how do I do so?

Ian,

The first question any lender would ask, is that if you're not earning any income, how do you intend to pay the monthly mortgage commitment? Pure equity based lending is very rare, and is a lot more expensive than a more traditional mortgage. It may be worth exploring whether a close family relative could stand as guarantor for you? Also if you were intending to rent the property out, then there may be a few more options to look at.

Without knowing your full personal situation it is impossible to give you a more definite answer, however if you would like to discuss your enquiry in more detail, then please let me know, and I'll put you in touch with one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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