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Original poster

Can I get a mortgage as a stay at home mum?

20 replies

crabwho · 21/08/2022 23:23

I'm a stay at home mum and I have 150k in savings. I would like to put 10 000 as an initial deposit on a house and live off the rest while I find a job. I also study online but it's very flexible.
Is that possible? Would a bank give me a mortgage on that basis or am I just dreaming?

Thank you

OP posts:

Original poster

crabwho · 21/08/2022 23:24

sorry I meant 15 000 pounds not 150 000

OP posts:

BimmyTheMouse · 21/08/2022 23:26

No, you need an income. Find the job first.

DenholmElliot1 · 21/08/2022 23:26

How would you pay the mortgage back though?

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CrocodilesCry · 21/08/2022 23:26

Not unless you can prove an income, no.

Soapboxqueen · 21/08/2022 23:27

They aren't going to lend you money if you cannot show how you'd pay it back.

Get a job first.

Hardtofindafreename · 21/08/2022 23:28

You need an income ? How do you intend paying back the mortgage ?

HinchcliffeandMurgatroyd · 21/08/2022 23:30

I was going to say nice somewhere where 150,000£ will bug you a modest place for cash, but if it’s 15000, you have no options without a job.

What are you studying?

mondaytosunday · 21/08/2022 23:30

Nope.

PinkDaffodil2 · 21/08/2022 23:30

A bank will lend you roughly 4x your annual income, you’ll need to be able to prove you have an income first so you can pay back the mortgage.

Margo34 · 21/08/2022 23:31

A mortgage lender will assess what you can afford based on your income (and outgoings/bills/existing debts and your ability to pay the mortgage back with interest. Crudely, they'd maybe lend about 3x your income.

What income do you have?

Discovereads · 21/08/2022 23:33

Sounds like you are planning on splitting. £10k will cover deposit and rent while you find a job. You will have to pay all your rent in advance as you have no income.

AluckyEllie · 22/08/2022 00:00

To be blunt a stay at home mum = unemployed. No bank is going to give an unemployed person a mortgage.

buzz91 · 22/08/2022 00:00

There’s quite a few more costs on top of the deposit too, so that £5k would be gone nearly immediately

Kite22 · 22/08/2022 00:15

Agree with everyone else.
If you are not earning, how do you expect to pay back the mortgage ?

toomuchlaundry · 22/08/2022 00:18

How long would the £5k last? You need an income stream to have a mortgage

Natfelgatemortgagebroker · 22/08/2022 09:19

Hi, you do need an income in order to get the mortgage. The reason is to prove to a lender you have a sustainable income for the life of the mortgage, therefore can afford to take out loan. Some lenders can accept an employment contract to lend, therefore no requirement to provide a payslip. Some lenders will lend with 1 payslips. Majority of lenders like to see 3 months payslips.

mattressspring · 22/08/2022 09:27

Nobody thinks this is possible.

JasmineIndigo · 22/08/2022 09:29

Why not find a job first? I can't see any bank lending to someone who is unemployed..

AnneLovesGilbert · 22/08/2022 09:32

Mortgage payments are monthly, like other bills. You don’t have an income. I’m confused by your question.

Summersdreaming · 22/08/2022 09:35

There would be no homelessness if anyone could walk into a bank and get a mortgage with no income, not sure if you are being serious, but if you are you need a job and 3 months payslips before you even speak to a broker/lender.

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