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

[crabwho]

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

sorry I meant 15 000 pounds not 150 000

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

How would you pay the mortgage back though?

Not unless you can prove an income, no.

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

Get a job first.

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

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?

Nope.

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.

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?

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.

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

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

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

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

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.

Nobody thinks this is possible.

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

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

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.