help with mortgage deposit please

buddy143

Hi,
my offer has been accepted yesterday. Mortgage application is in process. i need another 5000 pounds for my deposit ( i need to pay 25% as deposit) in addition to my savings.
i wont get personal loan as i have already got one from HSBC.
my credit card limit is 3000 pounds and my debit card overdraft limit is 1000 pounds.
i just want to pick brains from people onthis forum as to what is the best way out??
i need money in 10 days time.

_Andy_

The lender isn't going to accept a loan or credit card as a source of deposit.
Put bluntly, you can't afford to do this at the moment.

buddy143

my point is I can draw upto 3000 pounds using my credit card.
i will have savings by the end of this month, but the problem is i need the money before that.
how is the lender going to know about the money in my account (whether i took it from a friend, or used my credit card etc).

opinions4u

buddy143 wrote: »

Hi,
my offer has been accepted yesterday. Mortgage application is in process. i need another 5000 pounds for my deposit ( i need to pay 25% as deposit) in addition to my savings.
i wont get personal loan as i have already got one from HSBC.
my credit card limit is 3000 pounds and my debit card overdraft limit is 1000 pounds.
i just want to pick brains from people onthis forum as to what is the best way out??
i need money in 10 days time.

You're planinng stinks.

One of the biggest financial transactions of your life and you haven't even got the funds in place yet?

If this is your approach to a mortgage I predict a repossession within 12 months.

Using credit to fund part of a mortgage deposit is a poor idea.

You have probably already been asked "where will your deposit come from?" as part of the mortgage application. If you now do something different you could be considered guilty of mortgage fraud.

_Andy_

buddy143 wrote: »

my point is I can draw upto 3000 pounds using my credit card.

And my point is a lender won't accept money drawn from a credit card as a deposit (because it's not a deposit, it's just debt)

how is the lender going to know about the money in my account (whether i took it from a friend, or used my credit card etc).

Because you need to disclose the source of deposit.

_Andy_

opinions4u wrote: »

You have probably already been asked "where will your deposit come from?" as part of the mortgage application. If you now do something different you could be considered guily of mortgage fraud.

Agreed but mortgage / loan fraud seems to be increasingly fashionable on this forum (whilst at the same time people are so quick to slate lenders for bad lending practice)

buddy143

opinions4u wrote: »

You're planinng stinks.

One of the biggest financial transactions of your life and you haven't even got the funds in place yet?

If this is your approach to a mortgage I predict a repossession within 12 months.

Using credit to fund part of a mortgage deposit is a poor idea.

You have probably already been asked "where will your deposit come from?" as part of the mortgage application. If you now do something different you could be considered guily of mortgage fraud.

I would nt say my planning is poor. I am a doctor earning 58000/annum and I have monthly savings of atleast 2000pounds.
if i would have waited for another 2 months, i would easily save the required amount. but i doubt whether I would find the same house again at that price.
i am surprised at people talking about 'fraud' etc.
yes the mortgage lender will ask the source of deposit, which infact he asked me when I applied for mortgage, Imentioned to him that its from myt savings and some borrowings from my friends. he is happy abut that.
Again I thought credit card is something which we can use if for anything as long as you have the ability/capability to pay it back (which i think i have).