Is it possible to get a mortgage without official employment?

Is it possible to get a mortgage without an official job?

Issuing a loan by a bank involves returning the amount with accrued interest for the use of borrowed funds. Consequently, the requirements put forward by credit institutions to borrowers, such as:

1. having a stable, well-paid job;
2. possession of valuable movable and immovable property;
3. the provision of sureties and collateral are completely justified.

But the realities of life are such that earnings can be unofficial:

• from freelancing, that is, without being employed;
• from renting out property;
• from investing.

To expand the client base of this category of borrowers, banks are developing flexible conditions for the possibility of obtaining a mortgage without the need for documentary evidence of official earnings.

Option 2: Loan for one of the spouses

It happens that spouses decide to apply for a loan for only one family member. This makes sense if someone does not work or does not have an officially confirmed source of income, or if one of the spouses has a bad credit history.

Please note that when purchasing a house or apartment with a mortgage for one spouse, the other must give official consent.

Another point: if the mortgage loan and apartment are issued entirely to one spouse, then only he will receive a tax deduction.

However, in the event of a divorce, according to this scheme, the property will still be considered jointly acquired and, by law, subject to division. In order to secure the right of sole ownership of housing, this point must be stipulated in the marriage contract.

How does the bank treat such borrowers?

Despite the fact that many self-employed borrowers have an income that significantly exceeds the bank's requirements, they are classified as unreliable only because they are not able to present officially certified papers. Therefore, even if a credit institution agrees to issue a loan, it will be under the strictest conditions

:

• an interest rate several times higher than the standard rate;
• with a minimum loan amount.

The credit commission can approve a mortgage for a person who is not officially employed if he:

1. Will make the required maximum contribution for the mortgage loan to the cash desk of the credit institution on the day the agreement is drawn up. Optimally, this is 20-25% of the total cost of the purchased housing, but the larger the contribution, the fewer the formalities required.
2. Will introduce guarantors who will document their solvency and are ready to present their own property as collateral for the loan. The higher their moral and material capabilities, the higher the borrower’s chances. The requirements for guarantors are the same as for an applicant for a mortgage loan:
3. absence of problems with the law enforcement system in the past and present;
4. a stable financial situation, not burdened by debt obligations and the presence of dependents;
5. permanent registration in the borrower’s territory of residence;
6. Availability of an official place of work with confirmation of income level.
7. The willingness of the borrower to provide valuable property as collateral is a sufficient argument for issuing a loan contrary to established requirements. In addition, the housing purchased with a mortgage will be at the disposal of the bank until the debt is repaid.

An additional guarantee of client reliability can be:

• private and commercial real estate;
• land plots intended for construction or agricultural purposes;
• passenger cars and trucks, special equipment;
• securities;
• jewelry with precious stones;
• household appliances and electronics.

It is desirable that the total value of the collateral corresponds to the loan amount

, and the property itself was highly liquid.

Love with restrictions: what to do with a mortgage in a civil marriage. Lawyer's recommendations

A mortgage is one of the most common ways to purchase real estate today. The term of a mortgage loan agreement, as a rule, ranges from 10 to 30 years - it is not surprising that during this period many people’s life circumstances change, in particular this concerns their marital status.

Civil marriage is not marriage

Let’s immediately define the meaning of the concept of “civil marriage”. It is not a marriage in the legal sense of the word; more precisely, it does not give rise to rights and obligations within the framework of family law. Disputes between couples who have not registered their marriage in the registry office are regulated by civil law. At the same time, the listed types of legislation - family and civil - have a significant difference regarding the division of property, which directly affects mortgage housing.

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Apartment with a mortgage - how is it divided?

An apartment purchased with a mortgage, regardless of full or partial repayment of the loan, is always divided equally:

- if housing is purchased by a sole buyer who is not officially married, then it will be his sole property;

- if the apartment is paid for during marriage, then regardless of who it is registered to and who pays off the loan payments, the premises are considered the joint property of the spouses, and in the event of a divorce, it is divided equally between them.

An exception would be the registration of mortgaged housing in the name of spouses as shared ownership if they do not distribute the shares equally, but in any other order, for example, 20% to 80%. In this case, the share of each of them upon divorce cannot change and will correspond to the part established by them.

If we consider the rules for dividing mortgage housing between persons in a civil marriage, they are somewhat different. At the same time, the only difference is that the apartment is registered exclusively in the name of one of the common-law spouses. In this case, the second person cannot apply for housing. However, if common-law spouses immediately sign an agreement and register ownership of certain shares, then such shares will belong to them without any redistribution.

In addition, you should know and remember the distinctive mechanism for dividing mortgage housing. The point is that it doesn’t matter who pays the loan. The only thing that matters is to whom and in what share the apartment is registered. If the housing is registered in the name of one common-law spouse, and the loan is repaid by the other, then the second has no right to claim the apartment - only for reimbursement of the funds spent. It is for this reason that common-law spouses should take care of their housing rights when a mortgage relationship arises, and enter into a purchase and sale agreement, not forgetting that the owner will be only the one who is listed in the agreement and for whom the right is registered in Rosreestr.

In my practice, there was a case when the apartment was registered in the name of one of the common-law spouses, but it was actually the second spouse who paid the contributions. Subsequently, the court refused to award him a share in the apartment, but awarded compensation according to the funds paid. But in that situation it was very easy to do - the money came from his bank account, so it was easy to prove systematic payments and their total amount.

Moreover, paying off a mortgage loan does not increase the share in the apartment, so you should not, being mistaken, go to court with a claim to increase the part of the living space, justifying your demands with the priority payment of the loan agreement.

How to protect your rights

So, if in a civil marriage there is an intention to purchase an apartment with a mortgage, then you should definitely buy it in shared ownership. If the housing is registered in the name of one of the common-law spouses, the second one will never be able to claim a single meter for himself, regardless of whether he made any payments to repay the loan, including in full and individually, or did not make any payments.

As already mentioned, only the norms of civil law, not family law, apply to relations between common-law spouses. These rules very strictly adhere to the postulate according to which only the person indicated in the contract as the buyer and who has registered his right to real estate in Rosreestr has rights to the property. That is why the fact of payment for mortgage housing does not give the right to claim it if the payer is not the official purchaser specified in the purchase and sale agreement.

If the common-law spouses have separated and a conflict has arisen between them that does not allow them to repay the loan and keep the home, or other problematic circumstances have arisen, I do not recommend stopping paying the mortgage, as this will quickly lead to the repossession of the home by the court, imposing additional interest costs on the borrowers. non-payment of debt.

There is no opportunity or desire to repay the loan or retain ownership of the mortgaged home? In this case, it should be urgently sold, and using the proceeds from the sale, pay off the loan debt and divide the remaining funds. Banks agree to such operations with great desire, since without court or enforcement proceedings they receive the entire amount issued under the mortgage.

However, it also happens that the bank refuses to sell a mortgaged apartment. I had a couple of clients whose bank refused to approve the sale of a mortgaged apartment. It was possible to achieve a result only thanks to numerous statements, as well as documents that confirmed that individuals would not be able to pay the mortgage, that the financial situation had changed. The bank eventually agreed, since it was more profitable to receive money from the sale of an apartment than to receive another overdue debt. In each such case, you must prove that you do not have the financial capacity to pay the mortgage separately.

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Probability of application approval without official work

Every year, the likelihood of receiving an approval decision on the application of a borrower who does not have an official job increases.

How to increase?

You can increase your chance of approval by providing as much evidence as possible of your stable financial condition:

• owning a car, garage, cottage;
• holidays in good sanatoriums and fashionable resorts;
• having a positive credit history;
• having a prestigious profession;
• confirmation of higher education;
• active participation in public and social life.

What will the bank pay attention to?

The presence or absence of a spouse does not stop the credit committee from approving the application. The family's monthly income will be taken into account, including the husband's alimony. The manager will definitely clarify the availability of payments for the child.

Based on all the data, the bank will calculate the loan amount and the level of monthly payment. The loan burden should not exceed 40% of a woman’s total income. If the indicator is far from normal, then it is better to increase the payment period for the housing loan, otherwise there will be a refusal from the lender.

When official wages and other income are within normal limits, the manager will check compliance with the following conditions:

• Age from 21 years.
• Work experience at the last enterprise of six months or more.
• The quality of your credit history and the presence of unclosed loans.
• Do you have any assets?
• Down payment amount.
• Will there be co-borrowers from the parents of the mortgage applicant?

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The last point will allow you to add to the income of all participants in the transaction; the only thing is that there will be a limitation on the payment period, since the organization will take into account the pre-retirement age of the parents.

So if relatives are almost retired, then the monthly payment will be high. At the same time, you should not take out a loan for an apartment from the first bank you come across; it is better to contact those who are among the TOP 10 institutions in the country.

How to confirm solvency without official employment?

In order to confirm solvency, it is not necessary to provide proof of income. There are enough documents confirming the level of expenses: contracts for the purchase of movable or immovable property, payment for commercial training, account statements with active receipts, the presence of a deposit in this bank.

Documents such as a civil passport, SNILS and TIN certificates, an agreement on voluntary health insurance and other types of insurance will serve as evidence of trustworthiness.

Option 1: Co-borrowers

The most common way to obtain a mortgage for spouses is through joint and several liability. The main advantage of this scheme is that the banks take into account the total income of the spouses. This is especially convenient if only a “white” salary is needed for better loan conditions, while at the same time it is not enough in the income certificate of one spouse. In addition, for the bank, the presence of a co-borrower is a positive thing - after all, in the event of a temporary loss of work by one of the spouses, the other will be able to pay contributions to the bank.

In this scheme, in fact, both spouses, regardless of the income of each of them, receive the same rights to the acquired property. Accordingly, even if the marriage breaks up, then according to the law the shares turn out to be equal.

How can a non-working student or pensioner get a mortgage?

If special programs have not been developed for officially unemployed persons, then for students and pensioners who want to purchase or improve housing conditions, they have been developed.

For students

— citizens of the Russian Federation who have reached the age of 21 have access to a mortgage with a deferred payment for the duration of their studies. Parents are often guarantors when drawing up a contract.

For pensioners

Those under the age of 75 who receive a monthly pension that is sufficient to meet necessary needs and repay the loan also have the opportunity to participate in a special mortgage program. In this case, adult children of an older borrower can provide a guarantee of loan repayment.

In this case, one cannot count on the most favorable lending conditions; the bank is forced to insure its own financial risks through a high interest rate and a short lending period.

Need alimony

Divorced women with a baby will not be able to use the benefits provided to single mothers. Their statuses are different from each other. The lack of significant assistance for people in broken relationships is explained by the fact that they can file for alimony.

According to family law, the father is obliged to provide for him until the age of 18 or more, if the child has entered college. And the funds can be counted as the income of a divorced woman with a child when applying for a mortgage. In this regard, citizens deprived of parental rights are not even released from their duties.

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And the branch managers will definitely ask about these funds for the maintenance of the child. So the only option in this case is to seek payments from the ex-spouse. If a person does not want to help voluntarily, then he needs to file an application with the court.

Why do you need your wife's consent for a mortgage?

Family law establishes that all property acquired by a husband and wife during marriage is community property. They decide together how to manage it. But the debts of a married couple are also common. The exception is situations where spouses have previously established a different regime for the use of property.

The current norms of the Civil Code and the IC of the Russian Federation establish a presumption of consent of the second spouse to the actions of one of them. For this reason, it is generally accepted that the wife (husband) has already informed the other half about the decision to take out a loan and they have agreed on everything together. But the situation is different with regard to mortgages.

A mortgage implies a pledge of real estate. This transaction is formalized by a notary and is subject to state registration. According to current legislation, such transactions require the written consent of the second spouse. After all, the risks are quite high.

How to get rid of co-borrowers during a divorce?

A spouse can become a co-borrower on a mortgage after a divorce only with the consent of the credit institution. Any change in the composition of debtors is possible after agreement with the bank. The exit procedure may vary depending on the rules established in a particular bank, but, in general, the algorithm consists of the same stages. To cease being a co-borrower, you must send a package of documents to the bank.

The entry of the second spouse into co-borrowers is a requirement of family law, which can be circumvented by drawing up a marriage contract. In all other cases, the spouses are co-borrowers. If the official marriage is terminated, one of the parties, if necessary, can withdraw from the debtors. Next, using the example of Sberbank of Russia, the procedure for withdrawing from being a co-borrower under a mortgage agreement will be described.

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Where to draw up a marriage contract

Although this agreement is registered by a notary, its drafting can be entrusted to a competent lawyer. After submitting the documents, the specialist will quickly and accurately formulate the main points and conditions of the marriage contract relating to a mortgage without the consent of one of the spouses. Documents you will need:

• passports of husband and wife;
• marriage document;
• ownership documents and mortgage agreement.

Only after a competent drafting of the agreement, if there are no contradictions with existing legislation, will the notary register the marriage contract. It will come into force, and there will be a chance to take out a mortgage without the participation of a spouse.