What are the chances of getting a mortgage??

M

Mocla

Guest
Hi all,
What are the chances of getting a mortgage in the current economic climate?
I earn 50k per year before tax,and I have 100k in savings.I have been working for the last 7 years in different places.I`m not permanent in my current job although I have worked there for the last 2 & 1/2 years.
Thanks in advance,
Mocla.
 
Re: What are the chances??

HI Mocla, think you might need to change the title of your query to 'What are the chances of getting a mortgage?' - otherwise you might not get enough responses or your thread might be closed by a moderator. Best of luck
 
Seek advice from a broker maybe. You do have strong savings. I think it would depend on how much you are looking for. Also is your income stable and is the industry you are in one that has been particularly affected by the recession.
 
Thanks for the help Lionstour,I work in the public sector (teacher) and I would be looking at a house in the 250-275k region.
 
If you use a significant amount of your savings then i dont think you are going to have a problem.
 
With your level of savings you have a good change of getting a mortgage. However, is there any chance of you being made permanent. We all know schools have had to make cut backs and perhaps a bank would be worried about this.

Next step would be to pick an area or two where you would like to buy and see what the bank says to you. I would be slow to go to a broker.
 
Thanks for the help guys,It will be another two years before I get permanency.Why should I avoid speaking to a broker?
 
I just have an opinion that they are an unnecessary middleman and would be afraid in the current climate that they might promise you the sun, moon and starts only to possibly be rejected by the bank so by going to the bank you know for sure where you stand.
 
Hi Mocla

My g/f is also a secondary school teacher, not permanent yet. She got her Principal to write a letter confirming that her contract will be renewed in August. - this might be an idea for you. She has been teaching for 5 years,2nd in current school.

Does anybody think it is a good idea to make an appointment with your bank manager to see the ly of the land and see what credentials are required to secure a mortgage, eg income, savings etc.
 
We are just finalising a house purchase, we got the mortgage through a broker. I can't recommend one highly enough! The banks were such a nightmare, things have tightened up so much and they are very exact in what they want. The broker did all the dealings with the bank, knew how to put the application together to avoid rejection (which would have meant not being able to apply to another bank for a mortgage as they always ask if you were previously rejected), the broker was an absolutely essential middleman in these times of banks being very slow to give mortgages. He got us a 2.75% rate and we don't pay him the bank do.
 
fizzelina said:
We are just finalising a house purchase, we got the mortgage through a broker. I can't recommend one highly enough! The banks were such a nightmare, things have tightened up so much and they are very exact in what they want. The broker did all the dealings with the bank, knew how to put the application together to avoid rejection (which would have meant not being able to apply to another bank for a mortgage as they always ask if you were previously rejected), the broker was an absolutely essential middleman in these times of banks being very slow to give mortgages. He got us a 2.75% rate and we don't pay him the bank do.
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Hi Fizzelina,

Lucy here, I've just registered on this site, I'm just in the process of applying for a mortgage, was going down the route of directly shopping around the banks, but your post gave me pause for thought!

Your broker experience sounds very positive, hope I'm not in breach of etiquette of asking for recommendation, but can you give me your broker details either by private message or directly on here.

Thanks in advance. Lucy.
 
you can get by putting more down payment and submitting proof of income. Experience mortgage brokers will study your case and offer solutions.Best of luck.
 
I think you are in a strong position.

Lenders are only looking for people who have assets and salaries.

You have both these elements. As long as your credit history is strong too, a lender will consider it seriously...
 
The weak factor in your profile is the fact you are on contract. Some lenders are not lending to contract workers at all. Some will require a letter as described by airgead07. If your 100k is made up from regular savings and if these monthly savings plus any rent you pay will be more than the mortgage repayments you should be ok - evidence of repayment capacity is very important.

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Why don`t you wait for the 2 years until you are made permanent.House pricers are only going to fall further.
 
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