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50k savings, fixed term contract for almost 2 years: Can I get a mortgage?

Want to buy a house for a 100k
With that kind of money yes you could easily get a mortage.
Reply 2
Avatar for Kasa
Kasa
OP
20
Original post by Cravez
With that kind of money yes you could easily get a mortage.


But would the fixed term contract cause any issues?
Original post by Kasa
But would the fixed term contract cause any issues?


If you have more than 6 months left in your employment then most banks will still lend to you.
Best thing to do is to speak to a mortage adviser. They can assess your financial status and advise you on the type and amount of mortage you can get.
If I understand correctly, you have 50K in savings and want to purchase a property that costs 100k? if so then you will be able to contibute a huge amount to the deposit and so your mortage would actually be quite small = banks happy to lend.
Reply 4
Avatar for Nader5
Nader5
5
I'm in a similar situation too
Reply 5
Avatar for Kasa
Kasa
OP
20
Original post by Cravez
If you have more than 6 months left in your employment then most banks will still lend to you.
Best thing to do is to speak to a mortage adviser. They can assess your financial status and advise you on the type and amount of mortage you can get.
If I understand correctly, you have 50K in savings and want to purchase a property that costs 100k? if so then you will be able to contibute a huge amount to the deposit and so your mortage would actually be quite small = banks happy to lend.



Probs want to spend 30k on the deposit..
And save the remaining 20k for a rainy day
Original post by Kasa
Probs want to spend 30k on the deposit..
And save the remaining 20k for a rainy day


Cool. Just out of curiosity have you come accross any houses that are actually 100K? Depending on where you want to live it seems like a very cheap price.
Reply 7
Avatar for Kasa
Kasa
OP
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Original post by Cravez
Cool. Just out of curiosity have you come accross any houses that are actually 100K? Depending on where you want to live it seems like a very cheap price.


I live in Leeds so it's not that bad//
Original post by Cravez
Cool. Just out of curiosity have you come accross any houses that are actually 100K? Depending on where you want to live it seems like a very cheap price.


You can get houses for that price.
I live in south Derbyshire and you can get houses for under £100k here as well (mainly terraced houses).
I'm in the same situation as the op.

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