Need a loan to top up our house deposit!

moneypuddle

Hello

Am really hoping someone is able to help me

My partner and I have a £30k deposit to put down on a house. Last week we had an offer accepted on a house at £185k. We had agreed a mortgage in principle with the Abbey for £153k, so the £2k we were short was going to be giving by parents to help make the deposit up to £32k, and we’d be sorted.

However, because my partner and I are paid strangely (bonuses, moving basics etc) the Abbey are now not looking so keen and have said £137k instead. Agggh! We desperately want the house and don’t want to let it go. This has now gone to appeal with the Abbey, and we have a great Financial Advisor who is doing all he can to help. We has suggested the Woolwich as a back up plan, but am really hoping to hear something back from the Abbey this afternoon so we know where we are!

Just to be clear our average monthly income is £3k (net) and the mortgage repayment on £153k would have been £800 so it was affordable (£27%)

Should the Abbey maintain the level of £137k, and if the Woolwich can’t help us with anything better, we are looking at a shortfall of £18k. I really don’t want to let the house slip away. Would it be possible to get a loan to cover the remainder? Any idea if we would even be accepted for such a large amount? Or who the best person would be to go to?

Really hope someone can offer us some advice

Thanks in advance!

scottishblondie

The mortgage company will not like using a loan as part of your deposit - even if they still offer you a mortgage they would likely reduce the amount to take into account your new debt. Also, getting an unsecured loan for £18k would prove difficult.

Either you need to get another mortgage deal, or you need to pay less for a house.