We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.

A personal loan after being accepted for mortgage.

245

Comments

  • barrowc
    barrowc Posts: 42 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    Should that be "Lenders don't accept loans as deposit money!"?
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    craigp82 wrote: »
    Hi,

    Part of the loan would make up the deposit for the new purchase, the mortgage is in both names the direct debit would be from my account but my wife is looking to take the personal loan i really didnt think it would affect anything.

    panic stations


    Go on when did I fall through the wormhole back to 2005?
  • betmunch
    betmunch Posts: 3,126 Forumite
    barrowc wrote: »
    Should that be "Lenders don't accept loans as deposit money!"?

    Yes of course it should, I'm flitting between here and actual real work and mis-typed!!!!

    Wouldnt be Panic stations if they did would it!!!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mildred1978
    mildred1978 Posts: 3,367 Forumite
    OP, haven't your lender or solicitor asked where the deposit is coming from?

    How on earth could you have missed that borrowing for the deposit is a no-go?
    Science adjusts its views based on what's observed.
    Faith is the denial of observation, so that belief can be preserved.
    :A Tim Minchin :A
  • craigp82
    craigp82 Posts: 14 Forumite
    I am a complete novice my solicitor or my lender has not asked where the deposit is comming from, i was just told as long as the deposit was in place before completion.
  • GAH
    GAH Posts: 1,034 Forumite
    A deposit is only good from one of two sources, 1. Your own saved funds 2. A gifted deposit from a family member etc.

    I think your solicitor/lender have done you a dis-service by not asking for this information sooner, it is one of the most important questions to be asked.
  • mildred1978
    mildred1978 Posts: 3,367 Forumite
    craigp82 wrote: »
    I am a complete novice my solicitor or my lender has not asked where the deposit is comming from, i was just told as long as the deposit was in place before completion.

    Surely it asked on the mortgage forms?
    Science adjusts its views based on what's observed.
    Faith is the denial of observation, so that belief can be preserved.
    :A Tim Minchin :A
  • betmunch
    betmunch Posts: 3,126 Forumite
    craigp82 wrote: »
    I am a complete novice my solicitor or my lender has not asked where the deposit is comming from, i was just told as long as the deposit was in place before completion.

    It also needs to be from a source acceptable to the lender.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • betmunch
    betmunch Posts: 3,126 Forumite
    mildred1978 wrote: »
    Surely it asked on the mortgage forms?

    It would have done.

    OP who did the application? Did you do it yourself or go through a broker?

    Please dont tell me you did it in a bank with the counter staff
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • craigp82
    craigp82 Posts: 14 Forumite
    Not all the personal loan is for the deposit over half will be from my own money just the remainder would be made up the loan.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.5K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.4K Work, Benefits & Business
  • 604.2K Mortgages, Homes & Bills
  • 178.5K Life & Family
  • 261.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture