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Can you ever get a mortgage with no job but large deposit

Can you ever get a mortgage with no job but large deposit

Old Aug 21st 2012, 5:29 pm
  #16  
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Default Re: Can you ever get a mortgage with no job but large deposit

Originally Posted by tribec View Post
I have just got off the phone with a mortgage broker in the UK. When we first started speaking he informed me that I would never get a mortgage in the UK. We have been in Canada for 10 years. I earn good money, my wife is a teacher and we have just bought a company in oil and gas back in the UK. The company has been in business for 23 years and has very good financials. We got the funding from a bank in the UK for the business purchase. Now we have been told by the broker that we need to rent for a minimum of 2 years before anyone would even consider us for a mortgage.

This can't be right!!!! We have a 60% down payment for the property we are interested in, we have a very profitable business, one of us is being paid every month by the government and our credit is outstanding.

Can anyone advise please this just seems that there is a solution, it's just that no-one is telling us what it is.
What he was perhaps refering to with the 2 year thing is the requirement for 2 years accounts. Which if you've just entered into this arrangement you don't have. You are effectively now selfemp/directors. Depending on your set up you'll have dividend income and perhaps some salary.
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Old Aug 21st 2012, 5:50 pm
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Default Re: Can you ever get a mortgage with no job but large deposit

Thanks
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Old Aug 22nd 2012, 3:42 pm
  #18  
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Default Re: Can you ever get a mortgage with no job but large deposit

Try ADS Mortgage & Financial Planning in Maidstone, Kent. They arranged an expat mortgage for us a couple of years ago. Fees are relatively high but they got us a very good deal. Cheers.
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Old Aug 24th 2012, 4:19 pm
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Default Re: Can you ever get a mortgage with no job but large deposit

Originally Posted by tribec View Post
I have just got off the phone with a mortgage broker in the UK. When we first started speaking he informed me that I would never get a mortgage in the UK. We have been in Canada for 10 years. I earn good money, my wife is a teacher and we have just bought a company in oil and gas back in the UK. The company has been in business for 23 years and has very good financials. We got the funding from a bank in the UK for the business purchase. Now we have been told by the broker that we need to rent for a minimum of 2 years before anyone would even consider us for a mortgage.

This can't be right!!!! We have a 60% down payment for the property we are interested in, we have a very profitable business, one of us is being paid every month by the government and our credit is outstanding.

Can anyone advise please this just seems that there is a solution, it's just that no-one is telling us what it is.
Whereabout are you in Canada? My uncle was able to arranged a UK mortgage while he was in Canada. Let me know if you need the contact.
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Old Nov 27th 2012, 12:45 pm
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Default Re: Can you ever get a mortgage with no job but large deposit

Hi Sally,

I have just joined to this forum and saw your mortgage information. We live in Germany (British and German couple), both freelancers, as our profession suggests we do not have steady income. Will move to the UK coming summer and looking to buy property. We have good savings and intend to pay 50% of the property value and the rest with mortgage.

How did you do it, will be really greatful if you could let us know. Thank you.
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Old Nov 27th 2012, 10:31 pm
  #21  
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Default Re: Can you ever get a mortgage with no job but large deposit

The simple answer Is that if you are looking for a
residential mortgage it is highly unlike you will get one. However you may be able to get a buy to let mortgage.
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Old Nov 27th 2012, 10:44 pm
  #22  
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Default Re: Can you ever get a mortgage with no job but large deposit

Originally Posted by UK IFA View Post
The simple answer Is that if you are looking for a
residential mortgage it is highly unlike you will get one. However you may be able to get a buy to let mortgage.
You can't use a BTL mortgage if you intend to live in the house yourself.
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Old Nov 28th 2012, 1:10 am
  #23  
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Default Re: Can you ever get a mortgage with no job but large deposit

Originally Posted by sallysimmons View Post
You need to speak to a broker who specializes in working with ex-pats. You won't get a loan from the usual UK high street banks, but there are private banks and offshore institutions who would give you a mortgage. The broker you spoke to probably has no expertise in that area.
Sally, as you've been through this .. if I wanted to look this kind of thing up, what do term do I need to search for to bring me the best results? Just "expatriate mortgage" .. or some other term?
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Old Nov 28th 2012, 7:36 am
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Default Re: Can you ever get a mortgage with no job but large deposit

Dun roving

Youbare correct, but you can ask permission to live in it if your circumstances change.

WE are mortgage brokers so I will check it out today and post later.

Last edited by UK IFA; Nov 28th 2012 at 7:37 am. Reason: Changed wording
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Old Nov 28th 2012, 2:53 pm
  #25  
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Default Re: Can you ever get a mortgage with no job but large deposit

Originally Posted by UK IFA View Post
Dun roving

Youbare correct, but you can ask permission to live in it if your circumstances change.

WE are mortgage brokers so I will check it out today and post later.
That's a different situation. To pretend that the OP is not intending to reside in the property and that his situation subsequently has magically changed would be fraud.
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Old Nov 28th 2012, 10:38 pm
  #26  
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Default Re: Can you ever get a mortgage with no job but large deposit

I have looked at some lenders criteria and in most instances the assess on a case by case basis.

recently Halifax, Birmingham midshires have pulled out of the expat market. so unfortunately there is no definitive guidance.
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Old Nov 28th 2012, 11:49 pm
  #27  
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Default Re: Can you ever get a mortgage with no job but large deposit

Originally Posted by dunroving View Post
That's a different situation. To pretend that the OP is not intending to reside in the property and that his situation subsequently has magically changed would be fraud.
Do you mean, like manipulating Libor (rates) something like that? Heaven forbid!
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Old Nov 29th 2012, 8:04 am
  #28  
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Default Re: Can you ever get a mortgage with no job but large deposit

Dun roving

In fact, if you tell the lender what your possible intentions are you it's not fraud.

Therefore if somebody is considering returning to the UK within the year it might be a viable option,

Although mortgage regulation in Scotland is different to England, not sure if the same applies.

Buy to let mortgages are deemed commercitill remains iSal lending and do not have the same protections as a residential mortgage.

However for somebody who is not currently employed the lender would be looking at affordability and therefore it is highly unlikely they would lend.
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Old Nov 29th 2012, 8:12 am
  #29  
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Default Re: Can you ever get a mortgage with no job but large deposit

Tribec

Speak to the bank who gave you your business loan, they may be able to help.
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Old Nov 29th 2012, 11:16 am
  #30  
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Default Re: Can you ever get a mortgage with no job but large deposit

Originally Posted by UK IFA View Post
Dun roving

In fact, if you tell the lender what your possible intentions are you it's not fraud.

Therefore if somebody is considering returning to the UK within the year it might be a viable option,

Although mortgage regulation in Scotland is different to England, not sure if the same applies.

Buy to let mortgages are deemed commercitill remains iSal lending and do not have the same protections as a residential mortgage.

However for somebody who is not currently employed the lender would be looking at affordability and therefore it is highly unlikely they would lend.
If you tell the lender your intention is to live in the house, that takes you back to Post #22 - they won't let you buy a house with a BTL mortgage if you intend to live in it.
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