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  • FIRST POST
    • dubizzle
    • By dubizzle 10th May 18, 7:09 PM
    • 1Posts
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    dubizzle
    Mortgage or Loan?
    • #1
    • 10th May 18, 7:09 PM
    Mortgage or Loan? 10th May 18 at 7:09 PM
    Hi everyone,

    I currently work for an airline on a fixed term contract, Iíve worked for them since February 2017.
    I work February-November and have December and January off.
    My base salary is £8,900 per annum, this is based on me working 20 hours a week but when June arrives (which is the start of the summer season) I am contracted to work 30 hours a week, however itís usually more for instance Iím actually working 150 hours in June = £1,425 is what I will receive that month.

    A flat I used to live in has came on the market for £42,000 and Iím extremely interested in it. Iíve spoken to a mortgage broker which I told him my situation and that I could put down 35% deposit. He said that no one would give me a mortgage for the wage I am on, that itís very difficult to get a mortgage on a fixed term contract and for a mortgage as small as this.

    My bank has said they could give me a loan of £17000. With my savings and my father gifting me some of the money I could purchase this way.

    What does everyone think? Should I contact another mortgage broker?

    Thank you.
Page 1
    • zx81
    • By zx81 10th May 18, 7:19 PM
    • 17,716 Posts
    • 18,841 Thanks
    zx81
    • #2
    • 10th May 18, 7:19 PM
    • #2
    • 10th May 18, 7:19 PM
    Does the bank loan permit property purchases? Is it an attractive rate?
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