deposit loan

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Now my wife has started work after 3 years off we can easily afford the repayments on a bigger mortgage for a house around 180k but don't have a deposit. Any thoughts on getting a personal loan for the deposit and an interest only mortgage for the same duration of the loan repayments

VIGILANT22

No lender would be happy with that..You need to provide some of your own money...

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We have £10k ish- equity in our current property but was planning on using that for the moving fees. Currently saving about £1000 a month so by the time it goes through should have about £5000. So would just need a loan for the rest. When you say 'Some' of our own money would a lender be happy with this suggestion?

VIGILANT22

Lenders are not happy with you taking out loans for a deposit and then going interest only, this places a question on your affordabilty.......Also many lenders will now not allow you to go interest only....

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At least now I know it can't be done thats another idea i can forget about now then. Just geting impatient. So the old fashioned way of saving up the full 10% is the only way now then?

_Andy_

Yes thats right.