Mortgage without payrol.
How to obtain a mortgage without a pay slip: the importance of the guarantor
Is it possible to get a mortgage without a paycheck, but obviously with a mortgage as a guarantee? And if so, what are the possible alternatives and procedures to follow? The answer, at least on paper, could be positive starting from the consideration that the bank, in case of insolvency of the mortgage holder, can find ‘satisfaction’ of the debt through the auction sale of the same property.
However, the situation in practice is not so and the problem does not lie so much in being without payroll (which would otherwise preclude self-employed workers or those with incomes other than employees), but in having adequate guarantees to present that are : income certification (the undeclared one is taken into consideration to a minimum extent) and the possible addition of a guarantor or co-obligator.
What mortgages can be requested?
In addition to mortgages linked to the purchase of a property, the most requested form is that of a liquidity loan, but in this case, especially if you are a little older, it is preferable to opt for an annuity loan, which has fewer limitations..
Except in this last hypothesis, in other cases if you are without payroll and without income, then the bank will request a mortgage with guarantor, or with a co-obligator who presents the necessary income guarantees (which depends on the value of the property and the the amount requested, in addition to the duration of the loan itself, without prejudice to the time limitations imposed by the type of loan chosen).
The presence of a guarantor is often required even in the case of a loan request made by a subject that has demonstrable income (see also Loans for new hires ), but coming from other types of contracts or jobs (such as the self-employed or those who receive different income, from capital gains, rents, etc.), since the type of income itself is subject to many variables that can increase the risk that the applicant will see his or her ability to repay reduced (see also How to avoid loans or usurers and loan sharks ).
In the case of a mortgage with a guarantor, you can meet the limitations of the Loan to value, (which generally stops at 50% or 60%), even if you want to buy your first home, or take advantage of a restructuring loan (without prejudice to the aspects related to the tax deduction). For these people, the practice can become simpler by choosing shorter durations, which reduce the risk of negative changes to the financial and income situation.