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Loan Towards Deposit?
Comments
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VIGILANT22 wrote: »Hi people, OP here
Basically, we are both on pretty rubbish money at the moment (hopefully there will be an increase in this soon) and we currently have no debt (apart from 1 student loan)
Is it worth getting someone else to get the loan and then pay them back then?[/QUOTE]
I thanked you and didn't mean to as I meant to reply...:)
You are creating debt to service debt not a good idea.....If you're on "rubbish money" taking the reponsibility of a mortgage is maybe not the right thing at the right time....You have the rest of your life ahead of you to plan and buy...
They are not, they are creating debt to buy a house/home. In effect the worse thing they are doing is borrowing 100% of a mortgage valuation.
This may not be possible, as Andy has said lenders are hot on this and as you say underwriters are warriors! Well I think you mean policy and
criteria has been changed to reflect the lenders lending needs.
Maybe they are taking a risk if they are not good with money, but with no debt to talk of they cant be bad with money in way we may think.
OP, think carefully before you try this, times have changed and imho I think you may be better trying to save, but its your life you do what you think is best for you."Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
One could question if a covert message is in the above post?
If you're FTB's to take a personal loan from a family member on the assumption you will be approved by a lender for a loan on the day after completion is somewhat risky.......
and if it was a mortgage adviser who made this suggestion...he won't be around when you're refused and you can guarantee the "suggestion" will not be documented anywhere!0 -
Buying houses is a risky business!"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
so is deception...0
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True but can you honestly say your whiter than white?"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
if that was part of the discussion i would answer ..as it is not..i will take the 5th amendment........0
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That is very funny!"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00
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