personal loan for deposit

Thrugelmir

Dorisx wrote: »

Maybe i'll be shouted down for telling you to lie but this is the same situation alot of people buying are in! Its hard to save a deposit when you have bills to go out!

Property purchase needs to be viewed long term. So many times on this forum do we hear problems with affordability. As people overstretch themselves then find they can't move, or the partners pregnant or there's no overtime at work.

manny1481

Dorisx wrote: »

We got our deposit from Grandparents but it IS expected to be paid back ... at a rate of £250 a month, something that we wont struggle with. We were asked by our mortgage advisor where we had got the deposit from and we were honest and told him it was from Grandparents but as a 'loan' in the sense that it was paid back but it was all 0% apr with no real date as to when it had to be paid back ect ... Our mortgage advisor was fine with this so I dont really see the problem?

Could you and your boss not just sort out the loan and then just you declare you have a £5000 loan but dont declare it was for your deposit, people buy homes with debt - alot people with alot more than £5000 in debt!

Maybe i'll be shouted down for telling you to lie but this is the same situation alot of people buying are in! Its hard to save a deposit when you have bills to go out!

Good luck whatever you decide to do!

Thanks for all the replies. It is hard to save £400 per month whilst paying rent! was impossible before last month when I had a loan to pay off too.
I have spoken with a financial advisor and he said it would be almost impossible to find a lender if i had a 5k loan outstanding.
I don't want to be pushed out of the market in a years time when house prices and maybe interest rates have risen !!
I was just wondering if anyone would see this as a risk worth taking, or is it really really that wrong of me.

Thrugelmir

manny1481 wrote: »

I don't want to be pushed out of the market in a years time when house prices and maybe interest rates have risen !!

Absolutely no indication of either of these 2 events occuring at the current time. If interest rates were to rise significantly unlikely that property prices would be maintained.