Using a Loan to fund a Newbuild deposit

davied

Hi anyone out there know if it is possible to use a loan as a deposit on a new build. I will be getting the deposit back upon completion upon which i will pay off the loan - is this possible

any info would be great
Thanks everyone

UK_Landlord_2

probably, but i would imagine that you would need to tell the bank you were buying a car! if you told them that you were buying property then they would more than likely refuse.

a few years ago i bought a house with a personal loan, told them i was buying all kinds of stuff for the house, going on holiday, new car etc.

davied

thsnkd for that interesting point dont think i will tell them im buying a house, thanks again - dave

Tassotti

if you are paying the loan back immediately, worth checking if there are any fees regarding the early payback.

davied

Have looked into a couple the best so far is northern rock no early repayment fees and can pay back as much as i like every month rate around 5.8 if i remeber correctly my head full of rates - think iv gone cross eyed