Buying a house without a mortgage: the complete guide

When we decide to take the plunge and buy a home, the vast majority of us turn to banks and lenders to apply for a mortgage. However, this request is not always successful and, thanks to the interest rates that are soaring and the ever more stringent requirements requested by the banks, many are wondering how to buy a house without a mortgage . In this article we will try to analyze all the possible alternative scenarios and understand not only if it is feasible, but if buying a house without a mortgage is also convenient

Cash buyers are famous for selling the home

Buying a house without a mortgage if the Bank doesn’t grant it: is it possible?

We have already talked about how to calculate the mortgage on your first home , but this is a later step because it assumes that the bank is willing to grant us the mortgage. To decide whether or not to lend us the necessary amount, the bank opens an investigation to assess whether we are able to repay the disbursed capital over time , taking into consideration not only our monthly income but also the origin of this income. Beyond the exceptions and concessions offered by individual banking institutions, we can say that an individual with a solid permanent contract will be more likely to be granted a mortgage than a young person with a VAT number, even with a large turnover. In addition, the possible presence of other loans– for example the leasing of the car or the installments for the purchase of the television -, the lack of a small capital accumulated over the years or the absence of someone who can act as guarantor can significantly affect our ability to repay in the eyes of the bank, and cause the mortgage to be denied to us .

Faced with this hypothesis, many people decide to resign themselves to a rented life, but there are several alternative options to consider before definitively throwing in the towel, and which we will see in detail in the next paragraphs. However, a premise is obligatory: the best way to buy a house without having to take out a mortgage is to already have the necessary savings , and it is far from impossible .

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