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please help, santander mortgage loan / credit cards help

stressedhead
stressedhead Posts: 3 Newbie
edited 25 July 2010 at 9:40AM in Loans
If you reply to this you have too much time..
«1

Comments

  • Beast
    Beast Posts: 333 Forumite
    No mortgage lender will accept a loan as a source of deposit - you need to save this money.
  • Beast
    Beast Posts: 333 Forumite
    Is it for furnishings? or is it for the 5% deposit?
  • stressedhead
    stressedhead Posts: 3 Newbie
    edited 25 July 2010 at 9:41AM
    like I said..
  • Beast
    Beast Posts: 333 Forumite
    And you don't think the lender has seen this before, and will ask you to prove the source of your deposit?
  • stressedhead
    stressedhead Posts: 3 Newbie
    edited 25 July 2010 at 9:40AM
    too much time
  • Beast
    Beast Posts: 333 Forumite
    I'm not being harsh, I'm simply trying to help you understand the situation - there was a post on this forum only a couple of months ago where someone had taken a santander mortgage and was asked at a very late stage to actually prove the source of the deposit by means of bank statements detailing the amounts they had been saving.
  • zppp
    zppp Posts: 2,476 Forumite
    Beast wrote: »
    I'm not being harsh, I'm simply trying to help you understand the situation - there was a post on this forum only a couple of months ago where someone had taken a santander mortgage and was asked at a very late stage to actually prove the source of the deposit by means of bank statements detailing the amounts they had been saving.

    Absolutely agree with this. There is a clampdown on mortgages and they are FSA regulated, so lenders are having to verify deposits. They will not accept a personal loan deposit. Moreover, no-one will give out a personal loan for a deposit, and if you put home furnishings and this comes out, it is obtaining products or services by deception, by lying about the purpose of the loan.

    Please do not go down this route.
    Best Regards

    zppp :)

  • kerri_gt
    kerri_gt Posts: 11,202 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    As the others have said, legally I don't think this is a sensible option. Also, have you truly worked out that IF you had gone down this route, whether you could actually make the monthly repayments of the mortgage and loan? £6.5k is a lot to pay back even if it doesn't seem like it at the time. If you miss payments (and you admit you're bad at this) the amount could easily spiral. I know it would be a dashing blow but perhaps the most sensible option would be for you to sort out your finances, begin improving your credit rating and ensure you pay debts on time, THEN buy a house in both names together, then it truly will be a joint experience. If you are determined to try and get the £6.5k loan is there anyone in your family that could possibly loan you the money so you don't incurr additional interest?
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  • Fiddlestick
    Fiddlestick Posts: 2,339 Forumite
    as far as the world would be concerned it would be for furnishings..

    So you want to commit fraud to get a mortgage?

    No wonder this country is in trouble!
  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    Well.. no, as long as they're getting their deposit they usually don't give a crap where they're getting it from. Are you always so harsh and abrasive. I came on here for advice and help and not to be spoken down to. If that's all you have to say on the matter, then thank you for your input and I don't require any more of your time.

    You're soon to be a real stressed head
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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