Mortgage Deposit - This is a bad idea, right?

Yorkie1

UrWntr wrote: »

FWIW, I'm actually a decent, normal guy and not a "moron". However, if it were possible to commit the discussed "fraud" and be 100% sure that I'd get away with it, I probably would. We only live once and every decision I make is made with the intention of giving the best possible life to me and my family.

FWIW, most decent normal guys wouldn't even contemplate fraud, even if they thought they would get away with it. Your perspective on this is way out of kilter.

That being said, well done for not proposing to continue with the scheme.

Beware the suggestion of an informal loan from your parents for the deposit. When you apply for the mortgage, you must declare the source of the deposit funds. It is fine for them to come from your parents, but your parents must also sign a letter stating that the money is a gift and not to be repaid. If this is not true, your parents are committing mortgage fraud in this along with you.

If a loan is involved anywhere along the line, it must be declared and the lender will decide whether it impacts on your mortgage application.

_Andy_

UrWntr wrote: »

I was also hoping that would come across in the tone of my post, but clearly some people were offended/appalled at the topic.

Not offended or appalled it's just a stupid idea.

FWIW, I'm actually a decent, normal guy and not a "moron". However, if it were possible to commit the discussed "fraud"

Not sure why you've put "fraud" in quotes - it is fraud.
I'm not suggesting that you are a moron more that the plan you put forward in your original posts was pretty silly.

UrWntr

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beecher2

If your partner is a nervous wreck, then it seems sensible to move to another rented property in a different area as soon as possible. With your income, surely you could arrange new rented accommodation immediately? I can't understand why anyone would live somewhere they felt unsafe when they had the money to move straight away. Buying a new house would surely take too long even if you had the deposit?

Trollfever

- My salary is £64,400.
- Partner's salary is £21,000.

A joint income of £85k p.a. and struggling to find somewhere suitable to live.

Have I missed something?

rs65

_Andy_ wrote: »

Any personal loan provider will ask the purpose of the loan. If the OP is honest then they will almost definitely decline it.

I've just started as a Zopa lender and several of my borrowers have put 'house deposit' as the reason for the loan. I only started a few days ago and they are all currently being processed - time will tell if they are accepted by Zopa underwriters.

The_Rizler

I'm sorry OP but I never post on the mortgages thread but I'm tired of hearing the 'I've got to move now now now' typical treads. It's you that is placing pressure on yourself.
Do not buy a place until you have the right deposit in place.
You have the option to rent somewhere that is more desirable and get you out of the situation/area that is so bad. We view renting as bad or dead money but it's not it's where you do your learning - I view it as the training time for home ownership.

You have a great salary and your girlfriend suppliments that great salary for a 'super' lifestyle.
Wait for 1 year and save as much as you can.
Rent in an area you think is where you want to live and bide your time.
You are young and it will work out for you, just don't be in such a hurry to get it when waiting will serve you in better stead.

Good luck tho - your salary is twice mine and I'm twice your age. You have better opportunities than many I know.

Save as much as you can from your salary and get a small mortgage and work your way up.

Take care

Riz

Thrugelmir

UrWntr wrote: »

Wow, did you not read what I said?

Yes I did.

However, if it were possible to commit the discussed "fraud" and be 100% sure that I'd get away with it, I probably would. We only live once and every decision I make is made with the intention of giving the best possible life to me and my family.

Only takes one moment of losing self control.

purple.sarah

If your partner is a nervous wreck now, dealing with losing your deposit and the legal consequences of mortgage fraud will make it worse. You have too much to lose and it will affect your prospects in the future. Lenders take fraud very seriously and know all the tricks in the book, be honest and open about the sources of your deposit. First focus on changing your situation, like moving away from the nightmare neighbours even if that means renting a little longer, then you will be able to think more clearly and save for your deposit.

getmore4less

Look at you post again

UrWntr wrote: »

Me and my partner are looking to buy a property ASAP. There are actually a variety of reasons for the urgency:

1) Rental tenancy due to expire in November - Landlord wants us to agree to another 12 month contract (with 6 month get out clause).

2) Neighbours from hell

3) High crime rates in existing area - car window getting smashed, rapes, muggings.

4) Partner would like to be closer to work - she works long shifts and has a very long commute at present.

We have found an area that we love.

unfortunately there are no available rentals in the area we would like to move to (it's a very small rural area )

As as been pointed out you need to move NOW.
(how long have you been putting up with it?)

can't believe there are no rentals suitable somewhere near the desired area, if no rentals how many for sale?

Find somewhere to rent that is closer to the area preferably even closer to OH work start the house search from there not the current hell hole.

Rent cheap, so you can save more.