borrowing for a house

juliesutcliffe

I am currently looking to buy and do up a house but I need to borrow the deposit which will be around £12000. I will then have the mortgage and the loan to pay off which I will be able to do if everything goes to plan. I have built in a bit of contigency funding for any unforseen costs. Does this sound feasable? I'm a bit worried about borrowing so much money although I know I can meet the monthly payments. Any advice?

Joe_Bloggs

What savings do you have ? What debts do you have ? Often first time buyers borrow from their parents. £16000 in credit looks better than £16000 of debt to a mortgage lender. What price where you hoping to pay for the property ?
You often have to master saving before you can start borrowing effectively.
(A smug comment I felt I had to throw in whilst not crow farming as mentioned in my persistant signature.)