First Time Buyer

wizzbit_02

Hi,

After many years of debating(many for and against!) my wife and i have decided to go on the property ladder.

Im sure you have had this problem on the forum before with the dreaded word DEPOSIT....

We both bank with different banks.
The wife earns atleast 2X what i do

(totaling £35k Approx)

We have a mortgage in principal through her bank (very good deal for F.T.B)

They need a 10% deposit.

We currently owe nobody NOTHING.

We are looking at a loan to get the deposit

we have done the maths and it works out great. After ALL bills,insured upto the hilt,allowing £200/month loan, everything we are left with over £600/month spare. So i dont see a problem.

You could say save it, But both my wife and i respond to paying bills(loans) better than saving! (we cant save!!)

What is the best way of getting a loan for this purpose - any tips/advice?

We could A) Try to get it through her bank I.E the mortgage lenders or,

My bank (which after they have done a credit search they will know that we are looking at a mortgage house anyway...

Any advice please?
(i see this as my 1 and only chance and i dont wanna blow it!!)

Thanks.

_Andy_

Two flaws in your plan

1) No mortgage lender will accept a personal loan as a deposit
2) No loan provider that I'm aware of will lend for that reason anyway.

So not going to happen whatsoever.

If you can't save then you can't afford to buy a house, sorry. As well as the deposit you'd need money for valuation fee, legal fees, stamp duty etc. Not to mention the ongoing cost of owning a property which again requires careful budgeting.

Sorry to be the bearer of bad news but you're not going to be buying any time soon.

Cannon_Fodder

Setup a direct debit/standing order from your current account to a savings account, and treat it as money already spent, i.e. "a bill"...

After years of debating about it, to not have a penny saved in the meantime is time, and interest, wasted...