Are my chances of getting a mortgage nil?

Alright, not sure why I'm even wondering about mortgages, because I may lose my job in a few months- but say I don't lose it- 
I've been watching property prices fall in my area - and I'd really like to buy a house

What are my chances of getting a mortgage? 1 year in UK, good credit history built up now, could probably put 15-20% down on a house, make decent money for UK standards, but big issue is 4 years left on WP or switching into tier 1 visa, no ILR for a long time!!!- any thoughts? 

I know people here have managed it, and the deposit money will help, but I would wager your relatively short period of residence and the limited nature of your visa will be a sticking point or even a deal breaker with many and you'll have to look hard to find a mortgage (use a mortgage broker?) 

I don't think it's totally impossible because you do have some credit history and a significant chunk of money to put down, but I'd be surprised if you could just walk into any bank on the high street and get a mortgage in the current financial climate.  That said, I'd love to be proved wrong!

Thanks, that's what I was thinking

I'll have to search out my options! 

I didn't think I had a chance, with limited deposit and only one year left on my leave to remain, but I was able to get a mortgage.  I had an excellent credit record and had been in the country for four years.  I am even self-employed! 

What helped me was going to a new build estate, who gave a huge discount on the price and paid 5% deposit for me, which I then matched.  I would definitely suggest a mortgage broker, and don't get discouraged if the first does not work out, as the first broker I had was not effective and did not get me the mortgage I wanted, perhaps because I backed out of the initial deal I had with another estate...

Have a look at the forums at moneysavingexpert.com - there's alot of advice to be had about homebuying/mortgages, etc. We're just in the process now, so I've been researching like crazy!

I think the consensus just now is to wait - house prices are predicted to continue to fall quite a bit more, and unless you can get a place for 20 - 30% off peak 2007 prices, it's not a good idea just now. We're moving this month, but we got our new place for a whopping 37% off what it was worth in 2007, and a whole £40k cheaper than what it is valued at currently. And to sell our place, we had to knock about £25k off what it was worth at the peak in order to undersell everyone else trying to sell in this stagnant market. 

If you continue saving like mad for another year or so, your deposit will go ALOT further once prices have come down even more. Mortgage companies aren't really offering attractive deals for people that have less than ~15-20% deposits just now - once lending loosens up a bit and once prices come down more, you'll be in a much stronger position. Any less of a deposit, you might be looking at negative equity in a short time in this market. Plus, you can go in and make a harder bargain on places that have been on the market and not selling for a long time.

And remember, solicitor fees/survey fees add up - I think ours will come to almost £1600 once we're through. That's on top of your deposit.

Start doing your research. Once you start reading and visiting forums, it might become a little bit of an addiction, like it has done with me! No one has seen anything like this market for a very long time, and it makes for some interesting reading!

We had real trouble getting my husbands income taken into account before he was on ILR.  In the end we got a deal.. with Northern Rock.   

This was pre-credit crunch however so it might be harder now.  You might find you get quite far on the process and then a call at the last minute to say it wont go through because no ILR.  A lot of them seem clueless about it until the underwriters see it.

Thanks everyone 

Don't forget stamp duty.  If you're looking at 175K+ it's 1% of the price you pay and if you are looking at a place over £250K then 3% of the price.  That 3% mark is one of the big things that holds us back from upsizing, £7,500 just for the privilege of owning a £250K house is highway robbery by the government (on top of all the other fees you have to pay to solicitors, agents, etc).