Do 90% mortgages exist for 2nd time buyers?

Idiophreak

kaylz39 wrote: »

Yes we were actually thinking of that, just in a simpler way i.e. give us £7,000 & we'll pay you £8,000 back within 12 months.

Its my Hubby's Dad were thinking of asking, it's just asking him though. I know he has the money to give us as he's mentioned it before in the past.

Very few lenders will accept a loan as a source of a deposit.

Your hubby's dad may have to sign something stating that he has no wish for the money back - and you'd be committing fraud if you subsequently repaid him.

Just thought it was worth mentioning

property.advert

kaylz39 wrote: »

..We are both actually on good salary's and don't have many outgoings between us in terms of credit cards and loans so affording it isn't the problem.

Saving it is just so b1uddy hard!!!

But the lender is going to ask why you have saved up next to nothing in 5 years despite being on these good salaries and use that as a very good reason why not to lend you any money because you have not shown any discipline to save.

I suggest you cut down expenditure and save some of this salary towards a larger deposit.

kaylz39

property.advert wrote: »

But the lender is going to ask why you have saved up next to nothing in 5 years despite being on these good salaries and use that as a very good reason why not to lend you any money because you have not shown any discipline to save.

We will tell them for the last 2 years my Hubby has worked to grow his business which is now very successful & last year we had a very expensive wedding which we paid for ourselves and without getting ourself into debt. That was all our savings gone.