Mortgages

[tigerlily11]

I heard some time ago from some one I know on another site that a friend of hers who is unemplyed got a mortgage to buy her house. It was something to do with the fact that the income was guaranteed. I thought any one without a job could not possibly get a mortgage.
I would like to if this is possible or was this one just telling porkies for some strange reason?
Thanks for your time.

[Ethel]

I would say almost definitely an untruth - unless they had independent money and wasn't claiming benefits; or they had a guarantor; or it was a private arrangement.

[GEEMAC]

It probably was possible a year or 2 ago tigerlily with a self-cert. mortgage, whereby the mortgage company don't get in touch with your 'employer', you just tell them who you are employed with and how much you earn. Presumably, your friend had to tell a couple of white lies or to be more blunt, commit mortgage fraud. But as I'm sure you are aware, mortgages have suddenly become a lot harder to get. It may still be possible however, have a word with your bank/building society manager and an independant mortgage advisor.
Good luck.

[sheribeee]

Hi, my step dad and wife have just got a mortgage for a bungalow for �200,000. He is self employed and earns about �80 a day and she works for coop earning �7 an hour... they just got the financial mortgage advisor at the estate agents to find a mortgage that basically u dont have to prove ur income. Its just a higher rate!
And they wonder why so many people r being repossesed!!

[darlingnc]

Hi, i used to work for a broker who mainly underwrite further advances for a sub prime lender and i can tell you that benefits were accepted as an income, of course the DSS paid some towards the interest but they obviously got a mortgage while on benefits and could also afford a further advance as well!