House-160K, Deposit-10k, Salary=~70K - possible?

opinions4u

horngkai wrote: »

Might be asking an obvious question....

How will lender know that the deposit is made up of unsecured loans?

Cross referencing to the credit check. Asking to see a savings statement. Timing tells a story.

(You'd also have to commit fraud to obtain the unsecured loan in the first place - I'm not aware of any lender that says "yes" to a loan for house deposit).

Mat_Lock

Blimey, I am fully screwed then... 0k deposit, 149k house - 22k wage

Might as well kill myself now

neverdespairgirl

horngkai wrote: »

Might be asking an obvious question....

How will lender know that the deposit is made up of unsecured loans?

1. Firstly, they are likely to ask you the source of your deposit;

2. They are likely to ask you for all outstanding credit commitments;

3. They will do a credit check.

DVardysShadow

udydudy wrote: »

IMHO there is no law against taking a loan for a deposit. but one should bear in mind that it would directly affect the mortgage size that would be allowed based on affodability criteria.

beecher2 wrote: »

No, lenders don't allow deposits to be made up of loans.

But lenders don't make the law.

opinions4u

DVardysShadow wrote: »

But lenders don't make the law.

The law doesn't define lending policy. The lender does.

anh1904

Why buy in the current environemtn of uncertain, and probably falling, house prices.

The rent will almost certainly be less than the interest added to the capital depreciation of an owned (mortgaged) asset.

Renting is not the evil some people make it out to be, and has far less costs associated with it.