Mortgage without collateral and without a fixed contract: is it possible?

mimmim

Getting the best mortgage for your financial profile is not an easy task, especially for those who do not have a stable job. The bank wants to make sure that you are solvent and can pay all the mortgage installments without problem and that is why in this case they will most likely ask you for a guarantee, but not everyone can have it. If you are one of those who find yourself in this situation, you are surely interested in how to get a mortgage without collateral and without a fixed contract .


Find the best mortgage without mistakes
Going from bank to bank is a thing of the past.
GET INFORMED FOR FREE
Requirements to be granted a mortgage
When you go to apply for a mortgage, the bank will ask you for a series of Chinese Overseas America Number Data documents that prove your solvency, that is, that you will be able to repay the mortgage loan within the agreed period . These are the ideal requirements for the bank to grant you a mortgage:

Have a guarantee
Be of age
Have savings
Have job stability
Have sufficient monthly income to pay the loan
Recommended reading:   How to get a 100 mortgage in 2022?
But... How can you get a mortgage without collateral and without a fixed contract?
In an increasingly precarious labor market, there has been a growth in temporary contracts and having job stability is fortunate. Banks attach great importance to the fact that the applicant has a stable job, but if this is not the case, you will have to demonstrate your financial solvency in another way . As we have said before, the first thing the bank will do is ask you for a mortgage guarantee , but if you don't have one, all is not lost, you can still get your mortgage.

This situation is also applicable to the self-employed and those who generate income without being registered with social security (such as those who have rented apartments and receive monthly income from them). Even if you have sufficient income to repay the mortgage loan, it will not be enough reason for you to be granted the mortgage.

You can also try to apply for a mortgage without down payment to make it easier for you to pay the installments, since you will not have to pay a large initial amount.



What will they ask of you if you find yourself in any of these situations?
Work life : Even if you do not have a permanent job, if you have been working in the same company for more than a year , you can demonstrate that you have a certain level of job stability. The mortgage cannot represent more than 30% / 35% of the monthly income.
Have another property : If you have another property, you can use it as collateral . Of course, in the case of non-payment, the bank could seize the property.
Savings : Banks will want to make sure that you have enough money to cover the down payment on the mortgage , as long as it is money properly declared.
More than one owner : If your income is limited, it will be better that you have a second owner on the loan (it could be your parents, partner...) so that, in the event that you cannot afford a monthly payment, the bank will charge the other person, thus ensuring that you receive the fee.
Not having other loans : The fact that you have other outstanding loans will make the bank doubt that you can afford to repay the mortgage. They don't have to be large loans, so it's best to settle your accounts before applying for a mortgage.
Look for a cheaper home : If you have tried all the options to obtain a mortgage without collateral and without a fixed contract and you have not been able to obtain a mortgage loan, your best option is to look for a cheaper property to ensure that you can pay for it safely.