Is there any organisation offering mortgages in UK if you don’t have a job? Use rent to pay bills instead?
I have a flat that I am due to inherit, but the point is I don’t know when my great grandmother is going to die (suggest it is only a matter of a couple of years – she’s in her 90s). Unfortunately, she now has dementia so she cannot make any rulings about who owns the property/whose name the property is in as far as the law is concerned, and so I want to buy the property I am due to inherit to stop it being sold to pay for her care. (My money from the sale will then pay for the nursing home.) Everyone is OK with this in theory, but the problem is I am currently doing my degree so I cannot get a full-time job although I do have one-third of the value of the property as a deposit. However, I can rent out the flat which would cover the mortgage payments.
Unfortunately, my bank will not approve a mortgage unless I have a job – this is a rule for them, otherwise I have a great credit rating. Could I go to another lender who would let me cover the mortgage payments through rent alone? There are many flats in this (town centre) block which are rented out, and I have a signed letter from a well-known rental agency who say they will be happy to take the property on to their books and they give the price they would expect to get.
The solicitor in control of this is happy for me to proceed, as he knows my great granny wants me to have the flat – she told him this in person. It seems very unfair that we can’t sort this problem out as it all looks so do-able on paper.
I have a significant down payment – 50% of the cost of the property. So that is much more than most people could put down for a mortgage. The mortgaged amount would be reasonably small, and once I got a job it would not be a problem. It’s just a timing issue.