I live in the south east and want to move up north. I would prefer to take time off and get settled whilst finding a new job but my Nationwide building society branch manager said they probably wouldn't give me a mortgage without a job. It didn't seem to matter that I have enough savings to do this. Might another lender be more accomodating?
Mortgage between jobs?
Nov 30, 2004
3 Replies
A Non Status mortgage would work. They would not ask your income, but youwould need a hefty deposit, usually about 25% and upwards
Most lenders will look at it under the opinion, that they are lending you the money, you dont have a job, and are not gauranteed a job and when your savings run out you have no way of paying the mortgage back
"Phil Deane" wrote
How many people who have a job *today*, can say that they are *guaranteed* to still have that job in (say) 2 years' time? How about even in just 12 months' time??
Very true.
I had a mortgage client who had been declined by a local Building Society as he and his partner were on an 18 month contract and thus had no " job security". I met the Manager, and pointed out that my clients had more job security than he did, as his Notice Period was only 3 months! Result was a Mortgage Offer in 24 hours. :)
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