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Can I buy a property whilst in receipt of JSA?

I am currently unemployed and I am looking to buy my first home. Is it possible to get a mortgage whilst temporarily unemployed?

Asked on Sep 29 2009, Home Finance in London | Report content

Answers (1)

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  • It's highly unlikely. Banks require at least a 15% deposit and proof of how you would pay for the mortgage repayments. If you are receiving JSA I assume that you must have less than £16k in savings. £16k deposit is not enough for a deposit for just about anywhere in London. You maybe able to obtain a mortgage if you have a guarantor, whereby someone essentially covers the payments on your behalf - but again you might struggle to find a lender prepared to entertain such an arrangement.

    Answered on Sep 30 2009, Report content

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