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deposit loan
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Posts: 6 Forumite
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
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Comments
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No lender would be happy with that..You need to provide some of your own money...0
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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?0
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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....0
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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?0
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Yes thats right.0
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