I don’t have any income, can I get a mortgage?
I don’t have any income, can I get a mortgage? If you have an income, you are far more likely to get a mortgage. However, this doesn’t mean if you are unemployed you cannot get a mortgage. It will, however, be much harder, so check out Greater London Properties tips below.
Check the requirements
Every lender is different so it is best to check what your lender’s specific requirements are. As a buyer you must have a reliable source of income, therefore any money you are making/ or have made as a side project has to be mentioned to your lender.
If you have money saved in the bank, send this information over to your lender. This will prove you can pay the mortgage in the time left for you to find a job. You can also prove the money by sending your lender your bank statements – they may ask for up to a years worth.
No documentation mortgage
You can submit a no documentation mortgage which means you do not have to submit information about employment or annual income. The lender will then concentrate on your credit score or anything else you are using to secure a loan.
Non-revocable employment contract
If you will be getting a job soon, ask your employer for a non-revocable employment contract. This will guarantee employment for a specified amount of time. However, this usually applies to professions such as pilots, teachers and doctors.
We hope this answers your question ‘I don’t have any income, can I get a mortgage?’. If you are looking to buy or rent a property in Central London, please visit Greater London Properties, Central London’s largest independent Estate Agent or call us on 0207 113 1066.