Personal Loan for deposit ?

_Andy_

So great to see that loan and mortgage fraud is condoned on this forum. Superb.

andyslinz

Thanks for the reply guys !

As I said, we should have had savings but thought we would be in our current tenancy for another year.

Was just looking to see if we could get in on the property ladder now rather than after another 6 months tenancy somewhere else.

After looking into it more we could pay just £1750 deposit, which I can cover with my overdraft and my boyfriend could pay the legal costs. Would this be allowed ? Sounds much better than getting a loan to pay for the deposit.

BitterAndTwisted

But once your available credit is maxed out you'll have nothing left for any contingencies, and there will almost definitely be one. Nearly everyone's job is hanging in the balance in the current economic climate. What will you do if one or both of you loses your job? It sounds very, very risky to me.

andyslinz

BitterAndTwisted wrote: »

But once your available credit is maxed out you'll have nothing left for any contingencies, and there will almost definitely be one. Nearly everyone's job is hanging in the balance in the current economic climate. What will you do if one or both of you loses your job? It sounds very, very risky to me.

Yeah I understand that theres always that risk, we are going to get part time jobs in the next few weeks to build up a float, my boyfriend can also do overtime as and when he wants. Also as I said earlier we are both getting payrises next month in our jobs we have been at for over 3 years so it is on the more stable side.

sammyjammy

Does this £35k house need work doing to it? I can't imagine anywhere you could get a house in an area you would be prepared to live in thats in good condition for that price.......

Fire_Fox

If you can't save up £1750 you can't afford to own a house with all the little extras you need to shell out for in the first few weeks/ months, all the unexpected repairs than crop up. It's not simply a risk it ALWAYS happens. If you split up, fall pregnant unexpectedly, one of you gets ill and can't work you will be stuffed.

If you have decent jobs and are thinking of getting second jobs then you have plenty of income. Cut your outgoings to the bare minimum, live like paupers and you will have the money saved by Christmas.

This is the budget planner used by the Debt-free Wannabe board, complete and post up for a fresh pairs of eyes:
http://www.makesenseofcards.com/soacalc.html

BitterAndTwisted

The house you are wanting to buy is not the only house that will ever be available. If you save like demons for a decent length of time, by the time you have a reasonable nest-egg you might find that a similar house could cost less than this one does now. We are not on the cusp of a property-price boom: quite the opposite, in my opinion, so there is absolutely no need to rush into being a home-owner and mortgage-slave.

andyslinz

sammyjammy wrote: »

Does this £35k house need work doing to it? I can't imagine anywhere you could get a house in an area you would be prepared to live in thats in good condition for that price.......

Theres a few 35 - 50k houses, 2 bed terraced houses. They dont need any major work done to them. Theres about 8 houses in that range all in the same area.

Looks like we will try and save up as much as possible and rent for another 6 months then look at buying a place in June of next year.

andyslinz

BitterAndTwisted wrote: »

The house you are wanting to buy is not the only house that will ever be available. If you save like demons for a decent length of time, by the time you have a reasonable nest-egg you might find that a similar house could cost less than this one does now. We are not on the cusp of a property-price boom: quite the opposite, in my opinion, so there is absolutely no need to rush into being a home-owner and mortgage-slave.

Hi thanks for the reply. We were under the impression that prices wouldnt drop much more than they have so now would be the best time to get in. We could rent for another 6 months while saving and buy in June, we just thought houses would have increased in price by then.

BitterAndTwisted

andyslinz wrote: »

Theres a few 35 - 50k houses, 2 bed terraced houses. They dont need any major work done to them. Theres about 8 houses in that range all in the same area.

Looks like we will try and save up as much as possible and rent for another 6 months then look at buying a place in June of next year.

This really is the most sensible option, in my opinion. Pop along to the Debt-Free Wannabe and Old-Style forums and get some tips on how to cut your budget down to the bone. By June you should have buckets and buckets of savings if you're both still in work