how much can I borrow

chrisvoi

Hi
I need to borrow 10000 for a home deposit and wonder if I will be appoved for such a loan as my salary is 21500 - I have a perfect credit history.

crazyguy

I think you will be lucky to get 10k as you will then need a mortgage to and they wont lend you both

RichGold

Mortgage lenders wont accept a deposit that has come from a personal loan. A deposit is something you are supposed to save to demonstrate to lenders that you are good with your money.

You have zero chance of borrowing half your income for the purpose of a mortgage deposit.

poppasmurf_bewdley

chrisvoi wrote: »

Hi
I need to borrow 10000 for a home deposit and wonder if I will be appoved for such a loan as my salary is 21500 - I have a perfect credit history.

Proceed with your plan and you won't have a perfect credit history for long. Problem is - your plan is fatally flawed and will not work.

jc808

youd be better off trying for a 100 per cent mortgage, which are apparently available albeit rare

KingElvis

You won't be able to use a loan as a deposit for a mortgage, think about what you're saying.

iolanthe07

As above. Lender insist that deposits come from your own resources (savings, inheritance - whatever). If you are tempted to lie to them about the source of your deposit they could get nasty.

geoffky

jc808 wrote: »

youd be better off trying for a 100 per cent mortgage, which are apparently available albeit rare

and why we are in this mess...100% mortgages should been banned to history and never be repeated again...as for 130% what the hell was everyone thinking...to the op..you will not get a mortgage with a loan..thankfully

izools

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

You need a reality check. Sorry to be harsh, but this isn't how its done.

100% mortgages don't exist any more.

People who owe a fair wack of their salary aren't given mortgages.

If you don't have a deposit, you can't buy. That's the long and short of it I'm afraid.

... Wonders if this is a wind up ...

heathcote123

RichGold wrote: »

Mortgage lenders wont accept a deposit that has come from a personal loan. A deposit is something you are supposed to save to demonstrate to lenders that you are good with your money.

You have zero chance of borrowing half your income for the purpose of a mortgage deposit.

This seems to be a common answer. Is this a new thing as my bank didn't ask me where my deposit had come from?

HappyMJ

heathcote123 wrote: »

This seems to be a common answer. Is this a new thing as my bank didn't ask me where my deposit had come from?

Question 45b - What is the source of the deposit?

You might have overlooked it as it's a huge application. Most people would just say bank account/savings without really thinking about the answer.

The bank will do a credit check and will see the OP has just recently borrowed £10,000 and will want to know more details about the transaction so might push for more elaboration. In your case they probably didn't see big loans on your credit report so just accepted whatever answer you gave.