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Getting a £50k mortgage with a fixed-term contract and 6 months work history
mortgage_moron
Posts: 1 Newbie
Hello all,
I am buying a flat in London. I am looking in the £350k range. I would be paying a deposit of around 85% on that figure, and so would require a mortgage of around £50k
The problem is, I have only been working for 6 months (prior to that I was at university/not working), and I am on a fixed one-year contract. My salary is also quite low.
I spoke with my bank and they suggested I would need at least a year with this contract, plus proof of another year's employment.
Does anybody know if it seems feasible for me to find a mortgage provider for my situation? Is there much precedent for this? Worth bearing in mind that I wouldn't have any issue with monthly repayments on such a small mortgage.
Thanks in advance for any answers.
I am buying a flat in London. I am looking in the £350k range. I would be paying a deposit of around 85% on that figure, and so would require a mortgage of around £50k
The problem is, I have only been working for 6 months (prior to that I was at university/not working), and I am on a fixed one-year contract. My salary is also quite low.
I spoke with my bank and they suggested I would need at least a year with this contract, plus proof of another year's employment.
Does anybody know if it seems feasible for me to find a mortgage provider for my situation? Is there much precedent for this? Worth bearing in mind that I wouldn't have any issue with monthly repayments on such a small mortgage.
Thanks in advance for any answers.
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