ALL advice welcome please

vectra90

hi

i need some advice really. i need to be out of the property im in now as soon as i can as they are threatening court action to get us out . i have been accepted for a 90% mortage with the Skipton. i have managed to save up 7k over the last 6 months and i will not rent. i did give up and go to rent and 2 weeks before we were ment to move in the landlord pulled out to sell, so that had put me right off and i didnt want to really want to rent anyway. the price range i am looking at is 130k so i will need 13k for the deposit and my fees . my mortage adviser has advised me, she knows about my situatuion and needing to be out soon as, has said to take out a loan (Tesco). i have read that the mortage company will see this on my credit file and may not go forward with the agreement. i have been accepted buy all govt homebuy schemes but im not interested in a new home. i earn 40k a year and certainly wouldnt struggle to pay the monthly installments i just dont have the extra time to save up the rest of the deposit. does any one have any advice on what to do??

hcb42

Family loan?

Have you got enough for fees etc?

vectra90

no theres nobody in the family that has that kind of money available.

ive got 7 i need 13 + 2/3 for the fees.

so the simple option seems to be take out a 8-9k loan but then im worried about what i mentioned above. i have checked with my bank and they will give me it but i havent checked tesco's rates, if they are the cheapest?

samtoby

Won't the mortgage company ask where you got the funds from?

Surely you can't borrow to use as a deposit or some of it? Am I missing the point? Shall I just go and get a loan instead of working two jobs as a single Mum to get my deposit?

blargh

vectra90 wrote: »

i have managed to save up 7k over the last 6 months .....

i will need 13k for the deposit and my fees......

i earn 40k a year......

does any one have any advice on what to do??.....

Keep saving for another 6 months while renting somewhere else?

vectra90

@ samtoby - have about online, people do it and it works. im not sure i want to risk it and then be declined and screw my self over.

yeah that would be the easyest option but its not going to happen. i cant rent for as cheap as i am now therefore not being to save another 7 in 6 months. i will become trapped in the renting cycle which is why im trying to pre-empt it from happening.

apart from the loan idea does anybody know of any other options?

Yorkie1

I don't think there are any other options. You will be obliged to declare the loan as a source of the deposit when you apply for the mortgage - failure to do so is fraud, which I'm sure you wouldn't want to do.

I appreciate that you don't want to go into rented again, but 6 months will go very quickly - it generally takes at least 3 months to buy a property once you've found one.