How do you purchase more property without a job or income is it possible if you have equity in 1 property? How you survive without income for a couple of months or so is it possible?
thanks
Multiple choice! THe answer is you don't. That said, if you have enough to live off between jobs, some work or other income on the way, and/or cover loan re-payments with the help of rental income, there is lo doc (sometimes called 'lie doc' for how some use it), No-doc, (there are some good products from non-conforming lenders along these lines – not as high rates as you may think) and if you simply just have to buy, there is what is called asset lending. (Scary stuff). Hope that helps.
You can borrow up to 70% of the value of your current property on a NO Doc loan. You can use this money for any purpose also, so if you decide to live off some of it for a few months that's your decision. Not many people would do this because with no income and loan repayments to make you will loose your property to a mortgagee sale very quickly & get a bad credit rating as well. If your circumstances were such that you had a cashflow from a new source guaranteed to start in a few months & it would be sufficient to pay your new loan repayments then it might be worth considering.
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