Getting a 85k mortage on an 105k house

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dntWantaName

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Hi what would be the liklihood to be approved for a mortage for 85k. The house value would be a minimum of 105k

20k deposit as it is through a will. In my favour is the fact I have no other debts. Dont know if its stands for or against me that I have no credit history as I have not had a credit card or loan.

Disadvantages: On a rolling temporary contract and a salary of 23k. Have not been particularly saving and for various reasons the house would be sold before the end of this year. It is a great value for the price I could buy it for. If I was to apply the time period would be extended.

So do you think it would be worth investing the deposit as there is a low chance. I have a feeling the temporay contract is a large factor.

Thanks for any help.
 
'for various reasons the house would be sold before the end of this year'

In relation to this comment - Do you mean you are buying the house and then selling it on again?
 
No. I would be living in it. Sorry if I didnt make that clear. Prior agreements and plans mean the house would go up for sale the start 2011. The house would be sold relatively cheap. I know the market is bad but the consensus is that the property would sell relatively fast.
 
The deposit is fully redeemable so go for it! nothing to lose!
 
Please note that although the usual 5k/10k booking deposit paid on house purchases is returnable, the 10% deposit paid when signing contract is not.
 
Thanks for the replies. If I was to apply for a mortage and was rejected, what would the likelihood be of being turned down again with a different institution?
I just want to gather some info before I go for a meeting. I feel that since that amount is so small, put over say 25/30 years it is not a great risk to the bank.
 
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