Need £4000 for deposit ...

Dan_J

Sorry I posted this in loans section before and was advised to post here....

OK so me and my partner have 33k for a deposit but we've been stupid and find ourselves 4k short on what we need to cover deposit + extra fees to purchase a property. We're close to completion and panicking a bit. We thought the money was gonna come from family but it messed up...

We're looking at getting a loan for the last amount but we're worried about doing applications that get turned down because of the mark it will leave. We can afford the £100-120 a month it would cost to borrow 5k over 5 years...

any advice would be appreciated

(4k/5k does not really matter - the rates are better on 5k so we'll use the other grand to buy some stuff for the house... like I said we can afford those repayments along with the mortgage it's cash NOW that is the problem...

So if we get a loan the mortgage lender (Santander) will not release the funds as they do a credit check before hand??

Credit cards are an option but I don't quite understand how to get 4k CASH out of a credit card?)

_Andy_

Dan - as mentioned on the other thread no lender will accept loan/CC funds as a deposit, you need to get in contact with them to discuss the situation

_Andy_

In addition no personal loan provider that I'm aware of will lend for that purpose anyway

Dan_J

Thanks Andy. I know I've made a bit of a boo boo with this whole thing and I am quite desperate to get this money... Would Santander possibly pull out of the mortgage offer if I was to get a CC and get funds from it? I'm certain our Santander advisor said they would not be performing any more checks...

Wooden_Top

Sounds like you do not have much choice. A loan appears out of the question. Begging family/friends would seem to be the only option before pulling out. We are putting down the same as you as deposit but luckily we have about 5k extra to cover any other bits and from your own admittance, you have been a bit silly.

What LTV are you at? You might be able to change LTV to save the purchase.

_Andy_

Dan_J wrote: »

Thanks Andy. I know I've made a bit of a boo boo with this whole thing and I am quite desperate to get this money... Would Santander possibly pull out of the mortgage offer if I was to get a CC and get funds from it? I'm certain our Santander advisor said they would not be performing any more checks...

They may not do but the point is you've declared on the application that the funds were coming from elsewhere. Also your solicitor has or will be asking the source

pjcox2005

It may help to be clear on what you are short on. Is it payments to lawyers, surveyours, removal men and stamp duty that make up the £4k?

Or are you short on the deposit itself?

If the deposit then no a loan wouldn't appear acceptable as i think it would be classed as mortgage fraud but there may be potential to lower the LTV. If the other bits, then potentially a 0% credit card for 12 months can you get there for this period, or the majority of costs anyway. It would put payments type but basically scrimp and save for a year to get rid or a loan 12 months down the line (although that poses a risk as adds an element of uncertainty).

kingstreet

Is there something preventing you increasing the mortgage amount?

SID101

Have u tried looking at overdrafts. Barclays gives you upto £4k overdraft limit, it is quite easy to increase overdraft limits.

skintandscared_2

The person at the bottom of the chain had this happen when my parents moved house about 6 years ago. 2 days before completion they announced they were £3k short and would have to pull out of the chain (of about 8 properties). They clearly had planned it all along. Their lawyer basically phoned everyone in the chain and each person ended up paying in an eighth of the shortfall (by being told "everyone else has agreed to it"), just so their own transaction wouldn't collapse. I wouldn't recommend doing that though!!!

Wh05apk

skintandscared wrote: »

The person at the bottom of the chain had this happen when my parents moved house about 6 years ago. 2 days before completion they announced they were £3k short and would have to pull out of the chain (of about 8 properties). They clearly had planned it all along. Their lawyer basically phoned everyone in the chain and each person ended up paying in an eighth of the shortfall (by being told "everyone else has agreed to it"), just so their own transaction wouldn't collapse. I wouldn't recommend doing that though!!!

It's not that uncommon, I've come across it a couple of times, now i'm only £500k short of my dream house, if I can get a chain of 20, that's only £25k each........................:j