deposit

dockterphil

I started my own business back in 2009 and sunk what was left of our savings into getting off the ground. Unto known to myself, that was the start of the recession and basically we lost everything and we have just started to come back into the black. I had to mothball my business and return to salaried work. My question is now how do we get onto the property ladder? We currently pay £700 a month in dead rent which is more than enough to cover a mortgage payment but we have no deposit. We both work and have good jobs, our kids are excelling in school and with GCSE's coming up we don't want to move area's. Ironically when we had the money in the bank you didn't need a deposit, and now we don't and you need one. Is it possible or even advisable to take out a small loan to use as the deposit? We do not have the luxury of having any relatives to ask for help or even secure property against. Reading some previous threads it looks like we may not even be able to get a mortgage due to some of the hiccups we have had. We have owned 6 houses previously but we are first time buyers in the UK.

Cheers Phil

_Andy_

A personal loan is not accepted as a deposit.

_Andy_

PS renting is not 'dead money'

DannyboyMidlands

If you are both working in good jobs why not just chill out, save and buy when you have the deposit?

KingElvis

The bank may seek assurances as to where the deposut came from and a loan is a complete and utter no no