Mortgage with debt?

GMS

anared wrote: »

Would they have to know it is borrowed? My brother told me he would lend us it and we could pay him back when we moved/when we could afford it.

You need to disclose the source of your deposit to the lender and the solicitor needs to confirm that the deposit is from your own resources or tell the lender of the source.

Not disclosing the loan would be fraud and this could have a massive impact on your ability to borrow in the future.

Annisele

Bullfighter wrote: »

£1400/pcm rent for a couple is uber extravagant. We (family of 3) rent a house privately in the Surrey Hills for less than £900/pcm.

Depends whereabouts in the country you live.

My partner and I pay only a little bit less than that a month, but we live in zone 2 London and I walk to work. We don't have a car, and our total transport costs (including train journeys to other parts of the country) comes in at about £150 a month.

For us, moving further out would be financially worthwhile if only one of us was working in zone 1 or 2. However, as we're both working in central(ish) London, the costs of commuting for two people would cancel out the lower rent we'd pay after we moved.

But, there's no way the OP would even get a hovel for £100k in the area I live in! I agree with the other posters than unless they need to pay for something else that is seriously expensive, they need to get saving before they even think of taking on a mortgage.

The source of the deposit will need to be declared, and lying to lenders about whether the money is loaned or not is a very bad idea (i.e. fraud).