Does his bank savings allow him to get mortgage?Can unemployed buy a flat using mortgage if they have bank savings exceed buying price?
If you have enough money to buy a flat, why would you even want to get a mortgage from a bank?
(use their money?)...yeah, but it costs you way more in the long run.
Right now the banks are not paying too much for interest on savings, so I'd think you'd be better off just buying it outright.
And then if you needed something else, and didn't have the money, you could get a loan based on the value of your flat. (home equity loan).Can unemployed buy a flat using mortgage if they have bank savings exceed buying price?
As far as I know if you put down a deposit of 25% + then they will run credit checks but not affordibility checks therefore I would assume so but check with a mortgage advisor to be sure, just pop into your local estate agents that have a mortgage advisor and they should be able to tell you.
my friend was unemployed but had big deposit and got a mortage. but that was in 2006. things may have changed now. you have big deposit so banks cannot lose. so YES
if you have more cash than the price, then pay cash - you still are not going to get a mortgage being unemployed - you can always refinance later and pull out equity
Not very likely, especially with the economy the way it is these days.
He can always ask at the bank. The worst they can do is say no.
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