Myself any my wife had approval in principal from a number of banks in July to get a mortgage to buy a house. We have a healthy deposit (200K) built up and had no problem getting multiple offers. I work in IT and was working on a fixed term contract which was not renewed (not uncommon in the IT industry). I immediately got another position on the same salary but the banks would no longer provide a mortgage as my new position has a probationary period attached. This in effect locks us out of the market for another 7 months.
Now forced to sit on the side lines as prices continue to rise we were looking at the possibility of buying a smaller property with our cash savings but we are about 50K short of what would be needed to buy something smaller. Given we can not obtain mortgage approval for another 7 months (even for a lesser amount than originally approved for) is there any mechanism (personal loans etc) where we could borrow in the region of 50K for 6 months to bridge this gap until we can again apply for a mortgage?
Now forced to sit on the side lines as prices continue to rise we were looking at the possibility of buying a smaller property with our cash savings but we are about 50K short of what would be needed to buy something smaller. Given we can not obtain mortgage approval for another 7 months (even for a lesser amount than originally approved for) is there any mechanism (personal loans etc) where we could borrow in the region of 50K for 6 months to bridge this gap until we can again apply for a mortgage?