Loan for house deposit

Rily1

My husband and I want to apply for a £10K loan towards a house purchase. However we dont want it to jepordise our mortgage offer with Halifax, ie with loan companies doing credit checks flagged on our file. Can Anyone give any advice?

PNPSUKNET

lenders dont tend to like it, they prefer your own money

_Andy_

As answered on your other thread - not going to happen. Keep saving.

CharlieBilly

First thing mortgage company will ask you is, have you any outstanding loans?

They dont take kindly as said above as deposit in from of loan and why should they thats why we got into this mess. If you cant save you either have to cut back and save or sorry but you wont be able to afford a home unless you can improve things

the_insider

It's possible that they will put a clause in the mortgage offer stating that you have to redeem the loan within a certain amount of time (and it wont be long). If you're getting a loan for a deposit you're effectively going to have 100% mortgage, just without it all being secured and you run the very real risk of ending up in negative equity before you even start, if you take into account the interest on the unsecured loan.

PROLIANT

What a load of twaddle!

Why should first time buyers be penalised by having to find a huge deposit? How are we supposed to get a house when it would take about 10 years to save for a deposit, it is not 100% mortgages that caused problems it was those of you seasoned borrowers who tried to keep up with the Jones's and borrowed 110%, 150% when you knew damn well you could not afford it!

If you can demonstrate your ability to pay rent and you do not have an adverse credit record then that should be enough to secure 100% of the money to buy your first home.

the_insider

PROLIANT wrote: »

What a load of twaddle!

Why should first time buyers be penalised by having to find a huge deposit? How are we supposed to get a house when it would take about 10 years to save for a deposit, it is not 100% mortgages that caused problems it was those of you seasoned borrowers who tried to keep up with the Jones's and borrowed 110%, 150% when you knew damn well you could not afford it!

If you can demonstrate your ability to pay rent and you do not have an adverse credit record then that should be enough to secure 100% of the money to buy your first home.

Why should buyers with a deposit be penalised with higher interest rates due to increased risk because people can't save up a deposit?
Any by the way, I'm not a seasoned borrower, I bought my first house last year at 22 with a 20% deposit and I saved every penny myself.

FATBALLZ

And here I am saving £30k for a deposit like a mug.

As some practical advice if you can't save for a deposit why don't you go live with your parents or in a shared house to reduce outgoings to get some savings together? That's what I would do.

Simon11

If you can't save for a deposit, however on earth are you going to be able to pay for a mortage!

Its taken me around 3 years to earn 24k savings so far for my future house. Still got a year and abit to go

Should be easy for you guys to save only 10k with 2 people! A year max!

_Andy_

What people think about the rights and wrongs here isn't relevant. The OP can't do what he/she wants to do (and frankly shouldn't have attempted to do so).

Gillianh2

If you do go ahead and apply for the loan, it will be visible to the Mortgage Lender when they do the final checks before releasing the Mortgage. This could cause them to withdraw the Mortgage Offer.
If you are having problems raising the deposit have you thought about going for a shared ownership Mortgage? This might be a better route for you in the short term.