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Deposit issues and Share Ownership
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brydlesmansteve
Posts: 88 Forumite
Hello,
I am trying to buy a house with my fiance and to utilise the East Midlands Homebuy Scheme for First Time buyers.
We dont have much of a depoist, £500 so far! My fiance works full time, I only work part time. It will take a while for us to save for a deposit, as we are also saving for a wedding next July.
Would you take out a loan to cover the deposit? I am going to need about £5k - £7k as a deposit.
I would really appreciate your ardvice.
I am trying to buy a house with my fiance and to utilise the East Midlands Homebuy Scheme for First Time buyers.
We dont have much of a depoist, £500 so far! My fiance works full time, I only work part time. It will take a while for us to save for a deposit, as we are also saving for a wedding next July.
Would you take out a loan to cover the deposit? I am going to need about £5k - £7k as a deposit.
I would really appreciate your ardvice.
0
Comments
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I've looked at the homebuy scheme too and i think they say that you cant use loans or creditcards towards your deposit - check the papers they gave you before you take out the loan.0
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Hi yes you can as we have SO BUT we never needed a deposit when we bought ours and yours seems high, is this a new thing? When they came round they did a finance check which included all our incomings and outgoings, some they disregarded like our car loan as it only had a few months to run but they did ask r.e any other big loans.
If it is the only way you are going to be able to get the house in taking the loan out it may be worth speaking to them first before you do just incase as seems they are all different..good luck x0
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