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Any thoughts on how to quickly boost deposit
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rgsoton
Posts: 79 Forumite
Hi there
Here is my predicament.
Looked into buying the house we currently rent. We have 25% deposit but one income. Landlord said he would sell at the right price. Visited IFA who said that we could borrow enough to negotiate how we wanted (based on software). However the landlord wanted more than anticipated so phoned IFA again to see if borowing £5k more would be a problem(this would be 5.5 times my salary at this stage). The IFA said "shouldn't be a problem except for increase in fees/rates" but clearly didnt run the software again. Brilliant. We eventually negotiated a good price for the house. Engaged solicitors (£210 for search fees up front). Then got a call from IFA to say that the best that any lender can do in reality is actually £15k less :eek:. What are people's thoughts on accessing more funds?
Thanks for any advice.
Here is my predicament.
Looked into buying the house we currently rent. We have 25% deposit but one income. Landlord said he would sell at the right price. Visited IFA who said that we could borrow enough to negotiate how we wanted (based on software). However the landlord wanted more than anticipated so phoned IFA again to see if borowing £5k more would be a problem(this would be 5.5 times my salary at this stage). The IFA said "shouldn't be a problem except for increase in fees/rates" but clearly didnt run the software again. Brilliant. We eventually negotiated a good price for the house. Engaged solicitors (£210 for search fees up front). Then got a call from IFA to say that the best that any lender can do in reality is actually £15k less :eek:. What are people's thoughts on accessing more funds?
Thanks for any advice.
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Comments
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You either have the deposit or you don't. Can family help?0
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First I can't believe in this climate any advisor would tell you 5.5 x salary was ok...You will just have to decrease your deposit and increase your borrowing and fire that adviser!0
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Thanks for replies...yip...5.5 times is what he said we could borrow. We could possibly borrow off family but big, big bucks and a big ask - £15k off family. What do people think about the implications / possibility of making up the "shortfall" by taking out a personal loan (please dont shoot me down!)?0
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what is the purchase price and how much is the salary0
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Purchase price = £169k
salary = £23k (plus £5k benefits/yr for partner)
Deposit = £45-£50k0 -
Loan for deposit won't work - no mortgage lender will accept a loan as a source of deposit; no loan company will lend for that reason -plus it's not a good idea anyway!0
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You can't fit a square peg into a round hole!...You have no chance
You would need something like 75k deposit to obtain the borrowing as per income....0 -
!!!!!!...Thanks for your replies0
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Don't go overstretching yourself, that's why people are losing their homes! take note and good luck......0
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Continue to save. No point in overstretching.0
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