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Whole of Market Mortgage Advice Right at Your Fingertips

Read our articles for a wealth of mortgage advice straight from our experts. Wherever you are on the property ladder, we understand that you’ll have plenty of questions about how the mortgage process works and which loan is right for your circumstances right now. For all your questions, big and small, refer to our comprehensive mortgage advice to get the information you’re looking for.

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Posted On: January 19, 2022

Can You Get a Mortgage Without a Job?

Whether you’ve lost your job in the latest round of redundancies, been fired, or are taking a break from employment, whatever the reason you’re out of work, if you’re hoping to buy property you may be wondering whether it’s possible to get a mortgage without a job?

We’re going to answer that question and run through what you should be doing to boost your chances of successfully securing a mortgage when you’re unemployed.

First things first, mortgage lenders will always favour those who are in full-time, permanent employment. This is because people in these circumstances are better able to prove that they can afford to pay back their mortgage and are therefore considered less of a risk to lenders.

Whilst it’s not impossible to get a mortgage without a job, your pool of lenders will be significantly reduced. However, there are specialist lenders who can work with mortgage-seekers who have abnormal financial circumstances, including those without a job or with a zero hour contract.

How can you boost your chances of getting a mortgage without a job?

Opt For a Joint Mortgage

If you’re hoping to buy a property with a partner, if they have a good, secure income, this will certainly work in your favour.

It’s Worth Mentioning Your Benefits

If you’re receiving Universal Credit or another benefit, some lenders are able to take this income into consideration when considering your mortgage affordability.

Savings and Assets

If you have substantial savings and assets, this should also be taken into account by your lender.

Have a Guarantor

It may also help if you have a guarantor who can agree to cover the costs in case a mortgage payment is missed.

What if I have a zero hours contract?

Whilst a zero hours contract will be more favourable than no employment at all, this type of employment is still seen as far less favourable than full-time employment. Why? This is because the income is considered less secure and more likely to be inconsistent. However, there are mortgage brokers who have access to specialist lenders.

What if I’ve secured future work but am currently unemployed?

If you’re in this situation you may wonder whether it’s better to hold fire on your search for a mortgage until you’re back in employment. However, it can be helpful to know that many lenders will be happy to approve a loan with proof of future employment even if you’re not in work right now.

A key thing to bear in mind is that your borrowing threshold is likely to be lower if your income or joint income is below a certain amount or not deemed to be that secure.

If you want to see if you can secure a mortgage without a job, speak to Agentis today – we are a professional specialist mortgage broker that can help you make sense of the mortgage market and find the best deal for you. Even if you don’t have a traditional income from a full-time job, we can talk you through your options and how much you’d be able to borrow.