Raising a deposit

Applecider_2

Hi

I am FTB and looking to buy a house and need to raise a deposit, I have an overdraft can I use that to pay a majority of it, can this be done or is that fraud?

As I know your not allowed to take loans out or use credit cards, isnt this the same thing? ?? Very confused. Ive been told u get credit checked 48 hours before the contracts are exchanged.

Im not in my overdraft at the moment and have been approved for the morgage.

Thanks,

GMS

What did you tell the lender about a deposit?

If you use a loan which has not been declared then not only are you going against the affordability calculation used but you are failing to disclose a material fact which is mortgage fraud.

If you need to borrow the deposit it would appear you cannot affford the purchase

Applecider_2

I can afford it but not for another 2 months (saving my wages every month) and I want to get this house asap prime spot, I am NOT GETTING a loan but want to use my overdraft and then pay it back if I dont make it in time? if you understand what I mean.

so my question is... is it fraudulant to use my overdraft to pay my deposit?

Kohoutek

You need to read a copy of the lender's standard terms and conditions for the mortgage in question.

It would only be mortgage fraud if you signed a contract where there was a condition to the effect that the deposit must not be borrowed money.

Wh05apk

Applecider wrote: »

so my question is... is it fraudulant to use my overdraft to pay my deposit?

Not if you have declared it as the source of deposit, and they have accepted it.

With regards to credit checking before completion, I think you will find that is just the solictor, who will do a bankruptcy check.

GMS

Applecider wrote: »

I can afford it but not for another 2 months (saving my wages every month) and I want to get this house asap prime spot, I am NOT GETTING a loan but want to use my overdraft and then pay it back if I dont make it in time? if you understand what I mean.

so my question is... is it fraudulant to use my overdraft to pay my deposit?

What do you think an overdraft is if not a loan?

If you are so sure you can afford it tell the lender. You have still not answered what you have told them regarding your deposit.

Your question has already been answered.

Wh05apk

Applecider, I have just noticed your signature, am I reading that right that you still have £5k on credit cards? If so, and if you are about to put the deposit on an overdraft, I really think you should take a step back and look at your finances, to buy a house with so much debt from the start is not good, you will have a lot of expenses such as furniture etc and it looks like you are struggling already?

Sorry to have a go, as this is something I try to avoid, and stick to the mortgage question, but it looks like you are heading for trouble?