95% mortgage workaround

robin_banks

moneygum wrote: »

Ok, so from a legal standpoint... If I got a £10k loan from a bank and said it was for a car and used that as a deposit on a house from another bank, this is fraud?

I think you know full well it is.

moneygum

robin_banks wrote: »

Because to put it simply you don't have a deposit.

You have more debt.

Debt is not wealth.

Clever boy :T

moneygum

robin_banks wrote: »

I think you know full well it is.

No I really don't, that's why I am asking people who know a lot more than me about this on a money expert forum

robin_banks

moneygum wrote: »

Clever boy :T

If I were you I'd refrain from posting facetious replies and spend a bit more time looking at how you're going to a get a deposit together.

A mortgage isn't a right, and as it stands I'm really not sure you 'deserve' to have one.

moneygum

robin_banks wrote: »

If I were you I'd refrain from posting facetious replies and spend a bit more time looking at how you're going to a get a deposit together.

A mortgage isn't a right, and as it stands I'm really not sure you 'deserve' to have one.

Apologies if i have offended you Robin I just didn't like the way you instantly attacked me for asking a legitimate question.

You don't know me so have no right to comment whether I deserve a mortgage or not. I'm only young and I have worked hard to get where I am today. You couldn't even begin to imagine.

FraudBuster

The Fraud Act 2006:

http://www.opsi.gov.uk/acts/acts2006/ukpga_20060035_en_1

JohnD76

MoneyGum,

I would honestly have another look at your finances if you feel it would take you and your partner years to save up £10,000 but you feel you can easily afford a mortgage for a quarter of a million pounds, since this does not add up.

I would also wonder if it is worth selling the place you are currently in for for a gain of £10,000, unless you are using the additional equity to clear other debts or you are expecting triplets.

Have you taken into account, estate agency fees, searches, solicitor costs, removal costs etc into the £10,000 figure?

John.

_Andy_

oh !!!!!! -

1) no lender will accept a personal loan as a source of deposit
2) no loan provider (that I'm aware of) will loan for that purpose anyway
3) fraud isn't cool (contrary to some on this forum who I'm sure will be moaning in later years that it was mis-sold blah blah blah)

_Andy_

moneygum wrote: »

Ok, so from a legal standpoint... If I got a £10k loan from a bank and said it was for a car and used that as a deposit on a house from another bank, this is fraud?

Yes, of course it is.

DVardysShadow

moneygum wrote: »

Ok, so from a legal standpoint... If I got a £10k loan from a bank and said it was for a car and used that as a deposit on a house from another bank, this is fraud?

If you actually had savings and bought the car with the savings, but spent the loan on the deposit, it would be hard to pin it down.