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Mortgage question help.
Kitifer
Posts: 6 Forumite
Hi all, first post here. I want to buy my first house. After speaking to a broker it looks like I am going to need slightly more for my deposit for the house I have put an offer on. I was going to borrow this from a 0% credit card then pay it back afterwards. My question is this what order would this happen? Would I apply for the mortgage and get a mortgage offer (so credit checks done) then need to get the deposit, or do I need to have it before finalised mortgage offer? I am just wondering as obviously it will show on my credit file if done before and I don't want to get turned down because I took out some extra cash (would be pointless to have it then anyway). So would it be alright to apply saying I have the deposit, then draw it out afterwards?
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Comments
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why dont you just get a 100% mortgageI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've only bought one property but deposit was paid on exchange of contracts so I don't think you'd need deposit until then....by which time you'd have your mortgage in place.
My mortgage lender asked for proof of my deposit (showed bank statements). Not sure if this is the same for everyone?
Sorry I'm not much help. Good Luck0 -
Can't get a 100% mortgage for the house I want, I have a bit of a deposit just not big enough.0
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Is it the house you want thats the problem, the amount you want to borrow or your credit score?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Some company's do 97%. The other way might be to negotiate a vendor or gifted deposit. For an explanation type "gifted deposit mortgages" in to google.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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I was thinking of the 97% too but the 97% company wouldnt do it if credit score was low which was why I was asking why she should she could not get 100% - especially with the competitiveness of some 100% even some of the sub prime ones at the momentI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Mr helpful vbmenu_register("postmenu_4882860", true);
EverSoRegular MoneySaver
Join Date: Feb 2007
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Some company's do 97%. The other way might be to negotiate a vendor or gifted deposit. For an explanation type "gifted deposit mortgages" in to google.
Coded google direct to a brokers website[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
For clarification, the 97% lender is Halifax.
Andy.0 -
So if you want to know about gifted deposit mortgages what do YOU think one should type in to google? i think you will find all the websites there are brokers, some are very big companies Some could help the Op which is more than you can do. If you have a valid contribution please make it.Mr helpful vbmenu_register("postmenu_4882860", true);
EverSoRegular MoneySaver
Join Date: Feb 2007
Location: west london
Post Count: 582
Thanked 300 Times in 238 Posts
Some company's do 97%. The other way might be to negotiate a vendor or gifted deposit. For an explanation type "gifted deposit mortgages" in to google.
Coded google direct to a brokers websiteI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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