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

A personal loan after being accepted for mortgage.

124

Comments

  • craigp82
    craigp82 Posts: 14 Forumite
    Panic over family will lend money then we will pay back after we move in.
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    craigp82 wrote: »
    Panic over family will lend money then we will pay back after we move in.



    By taking out a loan?
  • craigp82
    craigp82 Posts: 14 Forumite
    yes spoken to a diffrent mortgage advisor, and was told yes you cannot take a bank loan to use as a deposit, but if family gave you the money its up to you how and when you pay the back after you move in
  • pauletruth
    pauletruth Posts: 1,133 Forumite
    your not listerning it has to be a gift a loan is not good enough even if it comes from the bank of mum and dad. what deposit are you putting down. did you not say that you have exchanged contracts how come the deposit has not gone to your solicitor.
  • pauletruth
    pauletruth Posts: 1,133 Forumite
    craigp82 wrote: »
    yes spoken to a diffrent mortgage advisor, and was told yes you cannot take a bank loan to use as a deposit, but if family gave you the money its up to you how and when you pay the back after you move in
    i beieve thats called fraud.
  • craigp82
    craigp82 Posts: 14 Forumite
    contracts not exchanged yet and mortgage advisor has said deposit not required until completion date.
  • jimpix12
    jimpix12 Posts: 1,095 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    I don't want to go down the route of being self-righteous but you really should have done the research on this before committing to purchase, you cannot blame the mortgage advisor or lender for not telling you, because it always says on the form and I'm surprised they didn't ask you as well. What have they put in the box where it asks the source of funds?
    "The only man who makes money from a gold rush is the one selling the shovels..."
  • betmunch
    betmunch Posts: 3,126 Forumite
    Your solicitor should require a letter from your family member stating that they do not require paying back the money or have any interest in the property.

    You have just taken a loan from someone that wont appear on the credit file, a loan is a loan.
    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.
  • InkZ
    InkZ Posts: 258 Forumite
    Part of the Furniture Name Dropper Combo Breaker
    Your family will need to state that the money is a gift and will probably have to provide a statement saying so.

    Just take in to consideration that once the mortgage has completed, this will affect your credit rating and may make it easier / harder to get a loan after completion.
  • gazareth
    gazareth Posts: 73 Forumite
    I have just exchanged contracts on the sale of our flat and our buyer is using a gifted deposit from his parents. The lender wanted the solicitors to confirm that it met certain regulations (including that it was a GIFT and not a loan) and in turn I'm sure his solicitor wanted warranties from his parents... so be warned.
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
  • 261.7K 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