Advice please

SPOTTEDCUP

I know that, but what i was asking is this a normal way to get the deposit?

im 32 and only have about 30% paid in my house and nobody to lend it off so only option i can see is a loan off the bank

Wutang_2

theartfullodger wrote: »

Remember, last time the Conservatives came to power interest rates rapidly hit 17% and stayed in/around the 10's for some years....

Cheers!

Lodger

Exactly - invest in a BTL and we invade the Falklands. Fact.

_Andy_

SPOTTEDCUP wrote: »

The current owner has let it out for the last 15years to a company thats just packed it in.
Hes in his 80s and im told a millionaire,and just wants to sell it off.

is a loan for the deposit normal practise or a expensive way to get the mortgage?

No mortgage company will accept a loan as a suitable deposit. So not going to happen.

Gorgeous_George

Hi

'Normal' was not needing a deposit.

I fully understand mortgage lenders asking for a deposit but I do not understand why they would make the unsecured loan themselves. Sure, borrow the unsecured loan from another bank but I don't see any difference between a 100% mortgage and one provider supplying an 80% mortgage together with a 20% unsecured loan (they are still lending 100%).

It's 100% mortgages by stealth.

GG

SPOTTEDCUP

Thanks GG

thats why i wondered if they were offering the loan to screw me for more money.

i guess a loan would be 8% ish at a guess.

the mortgage 6% ish.

SPOTTEDCUP

This might be a stupid question but here goes

as we own 30% of our house could i not take out a sucure loan on my property for the 35k (25% deposit)?
or
extend my mortgage to free up the money to use for the (25%)