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Need 13k

charlie007
charlie007 Posts: 413 Forumite
in House buying, renting & selling
I am buying a new house and we are 13k short!! Just wondering how i am best to borrow this - i am due back pay of 7k from work in the next 6 months so will pay back the 7 k (need to know what is the best way of getting the money!)

Thanks
Mortgage free Start amount feb 2014 227000. Current amount nov 2014 217000.

Challenges 2015
No alcohol January. No spend February
Write down all spends over the whole year

Comments

  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Be careful. If you borrow the money and the lender finds out they might withdraw your mortgage.... so more info is probably required on your situation probably.
  • charlie007
    charlie007 Posts: 413 Forumite
    the lender has said that i need a 15% deposit as i am not a FTB - we didn't consider this and thought that we only needed 10% so now are a bit stuck!
    Mortgage free Start amount feb 2014 227000. Current amount nov 2014 217000.

    Challenges 2015
    No alcohol January. No spend February
    Write down all spends over the whole year
  • barnaby-bear
    barnaby-bear Posts: 4,142 Forumite
    PasturesNew wrote: »
    Be careful. If you borrow the money and the lender finds out they might withdraw your mortgage.... so more info is probably required on your situation probably.

    If a loan shows up between exchange and completion (they check these days) a mortgage lender may pull the mortgage, leaving you obliged to complete / forfit 10%. Any declared loan will reduce the level of mortgage you can get. So really your best option is to borrow from family unofficially. Although you really should query with yourself - if the mortgage company doesn't think lending you enough without additional finance is a good idea - why do they think this....
  • Cissi
    Cissi Posts: 1,131 Forumite
    edited 27 July 2009 at 11:02PM
    Do you mean that you're short after getting a mortgage approved? If so, are you sure that it's a great idea to stretch yourselves further? I take it your bank is aware of the £7k backpay that you're expecting?

    I'd seriously think this over if I were you. Don't forget that interest rates are pretty much certain to rise in the next few years - how will you manage then? I personally wouldn't take on any other loan than a mortgage but that's just me :confused:

    With prices falling, is there no way that you could get £5-10k off the purchase of a house that you'd be happy with? Wait a few months more and you may find that your money goes a fair bit further...

    Edited to add: I typed too slowly (DH got home in the middle!) so I hadn't read the other replies. Still don't think this is a good idea!
  • charlie007
    charlie007 Posts: 413 Forumite
    i am sure that we can afford it, they say that they will lend us lots more then we are borrowing but that we need to deposit of fifteen percent which we don't have all of! Not sure if i can get that kind of money from my family - will ask! Do all mortgage companies need 15 percent for people whoare not ftb?

    Thanks for the info!
    Mortgage free Start amount feb 2014 227000. Current amount nov 2014 217000.

    Challenges 2015
    No alcohol January. No spend February
    Write down all spends over the whole year
  • charlie007
    charlie007 Posts: 413 Forumite
    i could get 5k from my account (inc my overdraft) and have a credit card with 2k that i got ages ago and never used - if i used it would it show up? We have no other loans and don't owe anything but the mortgage!
    Mortgage free Start amount feb 2014 227000. Current amount nov 2014 217000.

    Challenges 2015
    No alcohol January. No spend February
    Write down all spends over the whole year
  • barnaby-bear
    barnaby-bear Posts: 4,142 Forumite
    charlie007 wrote: »
    i am sure that we can afford it, they say that they will lend us lots more then we are borrowing but that we need to deposit of fifteen percent which we don't have all of! Not sure if i can get that kind of money from my family - will ask! Do all mortgage companies need 15 percent for people whoare not ftb?

    Thanks for the info!
    They are not prepared to risk 100% - they want you to take the risk of losing the first 15% of any falls - if they are prepared to lend more it will be on the basis that you absorb that first 15%. FTB sometimes get better deals because more likely to be start of careers (salary increases more likely), dual income (have to lose two jobs not just one before no money coming in), with no kids....
  • barnaby-bear
    barnaby-bear Posts: 4,142 Forumite
    charlie007 wrote: »
    i could get 5k from my account (inc my overdraft) and have a credit card with 2k that i got ages ago and never used - if i used it would it show up? We have no other loans and don't owe anything but the mortgage!

    yes - look at your credit record, it shows every account and credit card and the available credit plus the amount available - callcredit or any of the links in the credit history section. Mortgage applications usually ask for debt commitments and monthly payments - if this shows up between exchange and completion (what is essentially fraud), the mortgage co. can pull the mortgage and you will lose 10% to the vendor if you can't find another deal.
  • charlie007
    charlie007 Posts: 413 Forumite
    I will call the mortgage people tomorrow and see what they suggest! Thanks for all your help!
    Mortgage free Start amount feb 2014 227000. Current amount nov 2014 217000.

    Challenges 2015
    No alcohol January. No spend February
    Write down all spends over the whole year
This discussion has been closed.
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