Add bank loan to deposit for better LTV

grey_lady

Actually you can use an unsecured loan as part of a deposit as long as you tell the lender when you make the application and they're happy with the repayments / affordability aspect. I've had this confimed by two seperate broker companies recently, both of them run this by two different lenders.

marc-h_2

VIGILANT22 wrote: »

Are you increasing borrowing?...Porting is treated as a new application

Ideally not increasing borrowing but might want to for the right house. The details might be out of date but on the Lloyds TSB website it states you can move the mortgage to a new property and if required get a new additional mortgage on a current deal for any extra required. Obviously I would have to meet any new criteria in terms of the amount they would lend us. That shouldn't be a problem though. The multiple of our wages we require is still fairly low even by the new stricter standards.

VIGILANT22

grey_lady wrote: »

Actually you can use an unsecured loan as part of a deposit as long as you tell the lender when you make the application and they're happy with the repayments / affordability aspect. I've had this confimed by two seperate broker companies recently, both of them run this by two different lenders.

Oh here we go....how come all the information you post goes against all lenders criteria....Lenders DO NOT ACCEPT loans as deposits...

grey_lady

I can only tell you what two different lenders told the two different brokers I've spoke to within the last week, and as you are neither a broker nor an underwriter I dont put much (well none) faith in your advice.

I'd suggest the OP talks to a professional broker.

VIGILANT22

grey_lady wrote: »

I can only tell you what two different lenders told the two different brokers I've spoke to within the last week, and as you are neither a broker nor an underwriter I dont put much (well none) faith in your advice.

I'd suggest the OP talks to a professional broker.

You have no idea what my position is!..Furthermore if you think I have no knowledge of FS, that shows how little you know...

grey_lady

I didnt say that you had no knowledge of FS, I said that you weren't an actual mortgage broker or underwriter, and suggested the OP spoke to the former for a definative answer to their specific situation. I would guess that you probably work or have worked in a bank and as we all know -banks are not our friend.

beecher2

marc-h wrote: »

Ideally not increasing borrowing but might want to for the right house. The details might be out of date but on the Lloyds TSB website it states you can move the mortgage to a new property and if required get a new additional mortgage on a current deal for any extra required. Obviously I would have to meet any new criteria in terms of the amount they would lend us. That shouldn't be a problem though. The multiple of our wages we require is still fairly low even by the new stricter standards.

You won't be able to take out additional borrowing as that would make your LTV higher than 90%. Porting isn't automatic.

I did find it confusing that on another thread someone said that the Halifax advised them to take out a loan to bring down their LTV, as I wouldn't have thought they'd allow that.

VIGILANT22

grey_lady wrote: »

I didnt say that you had no knowledge of FS, I said that you weren't an actual mortgage broker or underwriter, and suggested the OP spoke to the former for a definative answer to their specific situation. I would guess that you probably work or have worked in a bank and as we all know -banks are not our friend.

:T..You can't say what I am and am not..how do you know I am not an adviser or u/w....and no my experience is certainly not banks...your comments say more about you than they do me.............:)

grey_lady

Because of what beecher2 has just referred to in his post, the thread about the Halifax offering a loan to bring down an LTV to the point where they would allow a BTL.

You posted that the mortgage would still be above that level which was incorrect, another poster pointed this out to you and you went back and deleted that comment, if you were an underwriter or broker you would have understood it. This was also after you'd quite rudely told other posters that they had no comprehension.

VIGILANT22

grey_lady wrote: »

Because of what beecher2 has just referred to in his post, the thread about the Halifax offering a loan to bring down an LTV to the point where they would allow a BTL.

You posted that the mortgage would still be above that level which was incorrect, another poster pointed this out to you and you went back and deleted that comment, if you were an underwriter or broker you would have understood it. This was also after you'd quite rudely told other posters that they had no comprehension.

what i was refering to in the other post was the op had a 90% mortgage and could not go on IO as halifax only allow IO below 85%...the OP did not have the 22k as was suggested to bring the LTV TO 75%...So i think you should get yr facts correct....I cxld my post as the 2 scenarios differed....and that poster you're referring to has no comprehension....i think it has been said by more than me....

You think what you like my dear and I will carry on being amused by yr naivety.....:)