Taking out a loan to pay provide a deposit - good or bad idea?

The_Palmist

ahahaha Silly Simba and silly me. Thanks for pointing it out. Wonder what the poster did in the end.

Gromitt

Probably got it through deception, but ended up getting it repossessed, or had to sell cheaper than they bought it for, or has been living on bread and butter for the last year.

Maybe.

neas

Just want to echo similar views.

Assumption is that the new house you are getting is more than what you have at teh moment.

With the house at the moment, you have no savings. For one reason or another you haven't been able to save for 'rainy day' or for extra money to plough into the mortgage or to save for another deposit.

Thats a massive warning sign. Yes the figures may work on paper but w eall know we dont estimate fully what things will cost.. juniors clothing, food, days out, treats, presents, presents for familty etc.

The reality of the situation is that perhaps you should spend a year 'trial running' this move so you could see how much extra income you would have left over?

Try and pay extra each month the extra mortgage payment, the laon repayment to your mum and dad.

What i think you may find is... you will struggle. You dont want to buy an then be repossed later do you? oO