Mortgage while unemployed

teachersfriend

This might seem like a stupid question, but is it possible to get a mortgage while on unemployment benefit?

Background: I am currently a home-owner, and thankfully, in my current circumstances, the value of my house is considerably more than I have left on my mortgage. I'm currently living in Dublin, but due to personal circumstances, I'm likely to be unemployed in the near future and unlikely to be able to secure alternate employment in the short term.

I am considering moving to another part of the country and selling my house here. Housing in my preferred county is cheaper than in Dublin, obviously, so I wouldn't need a mortgage comparable to the one I currently have, and I ought to have a sizeable lump sum to put down on a house (comfortably over 50% of the house value).

Is there any likelihood of me being given a mortgage with only job-seekers allowance as income? Obviously, with that lump sum, I could rent for a while, but clearly, I don't want to have to eat into that sum, as I'll still want to use it for a house in the future.

catrionanic

The short answer is no.

endacl

catrionanic wrote: »

The short answer is no.

So's the long one.

houseyhouse

You should also be aware that if you sell your house and have the equity you've built up in savings, it will reduce your jobseekers allowance (not jobseeker's benefit though).

Darc19

Look at renting the house out and renting yourself in the other location.

It might give you a little side income and keep mortgage being paid until you get back into employment.