Help!!!!!

princesstopping

i have fairly bad credit, but net too bad. my hubbys credit is really bad, but that is due to an ex who left him in mountains of debt. we want to buy our flat but cant save the money for the deposit, as no one will lend 100% mortgages now. so i need a loan, but i need one that does not charge admin fees. i also need to know what happens if i get a loan and then want to pay it back the next month. will i have to pay the amount borrowed or the full amount including intrest. it is all very confusing.

i would appreciate any help and advise.

xxx

Robert_Sterling_3

" we want to buy our flat but cant save the money for the deposit, as no one will lend 100% mortgages now.
so i need a loan."

You can't save for a deposit. So you can't buy your flat.
So what do you want a loan for and why might you want to repay it after one month.

"but i need one that does not charge admin fees. i also need to know what happens if i get a loan and then want to pay it back the next month. will i have to pay the amount borrowed or the full amount including intrest. "

You would have to pay the amount borrowed plus some interest.

"it is all very confusing."

What is it that is confusing you?

~Beanie~

If one of you has really bad credit and the other has fairly bad credit then you are incredibly unlikey to get approved for a mortgage ayway, with or without a deposit.

princesstopping

thanks for ur advise and for seeming so judgemental!!

anotherpaul_2

Are you planning to apply for a loan and then use it as a deposit for a mortgage? Then paying back the loan if the mortgage is declined?

If that's the plan, you should probably just discuss it with a mortgage adviser first. They should be able to tell you how much it will help (or worsen) your chances. If it's not going to help, save yourself the cost of the loan. They may also be able to suggest alternatives that you hadn't considered.

jonesMUFCforever

If what anotherpaul 's post is correct then OP would be committing mortgage fraud.
All mortgage applications will ask for details of all other debts including loans and credit cards - and will state that you cannot use debt as a deposit.

princesstopping

so if u cant use a loan as a deposit, how in the hell do normal people that dont have millions of savings get a mortgage??? why is everything so damn hard????

never-in-doubt

princesstopping wrote: »

so if u cant use a loan as a deposit, how in the hell do normal people that dont have millions of savings get a mortgage??? why is everything so damn hard????

People save up to get on the housing ladder - it is not a right it is a privilege to those that work hard - that is why claimants of benfit do not get houses given to them by the government, they rent them - and in the past you could get 100% mortgages (in Northern Rocks case 125%). You may need to look at specialist mortgages but they only loan 80% LTV so again, same dilemma.

To be honest, its not illegal to get a loan and use it for a deposit, it is unethical and frowned upon but it is dooable. The only way you'd get round it legally (i.e. dooable) is to apply for the loan an hour after applying for your mortgage, this way at the time you applied you did not have a loan. Your credit file would not show any searches until the update through the night/next day and then you could do it. Assuming you get the loan, and the mortgage - how could you pay them back if you can't save anything and also assuming your rent will be roughly the same as your mortgage?

Also, as sub-primers i'd doubt you'd get a loan for more than a couple of grand, that wouldn't even get you a 100 grand mortgage....

Its not being judgemental its called using common sense and the guys are here are telling you something doesn't add up! If you can't see this then sorry but you do have issues.

Gmac RFC and GE Mortgages may be your best bet - but wither way i'd be speaking to a IFA asap.....

dylansmum

Hi

On another post you say you need 10K for important surgery (sorry - have no knowledge of these things) and here you say you need a loan for a deposit? That would add up to quite a chunk of money? You could post your SOA (statement of affairs) here - so everyone can see your income and outgoings and see if people can help a bit more?

Is the surgery more important than the house? Could be about saving for one first? Saving is hard, but it can be done.

ipodchick2144

princesstopping wrote: »

so if u cant use a loan as a deposit, how in the hell do normal people that dont have millions of savings get a mortgage??? why is everything so damn hard????

believe me i know what ur going through, thats what i'm worried about when it comes to buying a flat me and my boyfriend, Why dont you try going to citizens advice and asking them? they are normally very good with any queries to do with financial difficulty?
and for those that are being judgemental of u, ignore them! they obviously picture perfect lifes... lol i think not.
Good on you, for asking for advice and i hope i helped a little let me know how u got on.

never-in-doubt

dylansmum wrote: »

Hi

On another post you say you need 10K for important surgery (sorry - have no knowledge of these things) and here you say you need a loan for a deposit? That would add up to quite a chunk of money? You could post your SOA (statement of affairs) here - so everyone can see your income and outgoings and see if people can help a bit more?

Is the surgery more important than the house? Could be about saving for one first? Saving is hard, but it can be done.

Hmmm, seems the OP has maybe contradicted themselves somewhat - time to move on to a new thread me thinks.

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