Martins View On Using Mortgage Brokers...

BobyP

Matthays said:

Most lenders won't accept "Loan for deposit" so saving is often the only option.  If the affordability is comfortable I don't see a huge issue with this approach - would say always save if possible though of course. 

Good luck! 

Thanks for the advice. My challenge is that I don't really have the time to do this... I've got a decent business opportunity lining up towards the end of the year and I've seen it's far "easier" to buy a home while employed than in your own business... Crazy trying to squeeze things in while we can...IF we can?

BobyP

Thrugelmir said:

One word. Don't. Keep saving. 

PS. Best to start a new thread if you've questions to ask. Rather than drag up really old threads. 

Sorry about the thread thing, don't really know how to start these threads, just figured out how to include previous quotes

Matthays

Could I ask you which 2 lenders might accept that option then? I guess it's a trickier situation than I first thought?  I've been chatting with a broker but this is difficult to ask?

Appreciate the advice.

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

Matthays

BobyP said:

Matthays said:

Most lenders won't accept "Loan for deposit" so saving is often the only option.  If the affordability is comfortable I don't see a huge issue with this approach - would say always save if possible though of course. 

Good luck! 

Thanks for the advice. My challenge is that I don't really have the time to do this... I've got a decent business opportunity lining up towards the end of the year and I've seen it's far "easier" to buy a home while employed than in your own business... Crazy trying to squeeze things in while we can...IF we can?

Obviously just be careful about committing to something like a mortgage if your circumstances might change.....

ACG

Matthays said:

Could I ask you which 2 lenders might accept that option then? I guess it's a trickier situation than I first thought?  I've been chatting with a broker but this is difficult to ask?

Appreciate the advice.

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

I am 99% sure Saffron do not. I ran a similar enquiry by them last year and they said they do not do it (I realise I said I do not do loaned deposit mortgages but it was for my cousin). 

BobyP

Matthays said:

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

Thanks for this, just realised I need to specify that I'm based in Northern Ireland... I forgot everything's not the same everywhere... I'll take a look at all those names though. Thanks again.

Matthays

ACG said:

Matthays said:

Could I ask you which 2 lenders might accept that option then? I guess it's a trickier situation than I first thought?  I've been chatting with a broker but this is difficult to ask?

Appreciate the advice.

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

I am 99% sure Saffron do not. I ran a similar enquiry by them last year and they said they do not do it (I realise I said I do not do loaned deposit mortgages but it was for my cousin). 

Yeah I've not done one with them - only ever with Santander, was just going by official criteria pages etc. (might mean loan from family or something perhaps) 

BobyP

Matthays said:

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

Is that Norton Mortgages and Together money?

Matthays

BobyP said:

Matthays said:

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

Is that Norton Mortgages and Together money?

yeah - never done this with them, just went by the criteria info I have......

BobyP

Matthays said:

BobyP said:

Matthays said:

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

Is that Norton Mortgages and Together money?

yeah - never done this with them, just went by the criteria info I have......

Thanks, don't think they actually do but either way, they're covering England and Wales only and HSBC don't offer that option either... Ok... well, the only other question I could possibly ask is if I delayed trying to buy now and took my loan for the car etc and did a mortgage application in 3-4 months, would that be long enough for the credit score to recover?