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Borrowing on card to increase offer on House???
Comments
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HI
We do like the house, and yes does feel like we are being mugged but dont want to lose our buyers and also not many nice houses on the market where we are looking.0 -
gingeralan wrote: »Noooooooooooo do not borrow in any way shape or form to fund a deposit. If the mortgage lender discovered this they would not accept it as Assn acceptable deposit.
From the original post, there is no mortgage involved - the OP has £215k cash from the sale of their current property, and is simply looking at the best way to cover the small (circa 10k) difference that they would need to buy the next one.0 -
HI
We do like the house, and yes does feel like we are being mugged but dont want to lose our buyers and also not many nice houses on the market where we are looking.
Sounds like you have already made your mind up then. At the end of the day it is your decision and your money. Does your decision make financial sense and would I do it? No. Is the right thing for you? Only you know and nobody here can tell you that.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
A small personal loan for the shortfall should be ok, and the payments are the same as im payying for the ferry every month to work...how mad is that.0
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Banks won't lend on personal loans for deposits on property.0
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OP will not be asking for a loan for a deposit.jonesMUFCforever wrote: »Banks won't lend on personal loans for deposits on property.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Hi all
Average Prices in the area we are looking taking in consideration all sales over the last 2 years from 207,500 – 236,500 - Making the average price £221k (these cover 3-5 bedroom houses)
Going to put in a final offer tomorrow of £220,300 and see what happens.
Will let you all know
TonyDebs0 -
Can only speak for my bank - they will not lend in this circumstance.DVardysShadow wrote: »OP will not be asking for a loan for a deposit.0 -
They might or might not. But the point is that this is not a loan for a deposit. And if they would lend the OP the same amount of money for a car or home improvements or a cruise, then the only reason they might not lend to the OP is because Computer says No.jonesMUFCforever wrote: »Can only speak for my bank - they will not lend in this circumstance.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
No it is because they will not lend unsecured on any property loan.DVardysShadow wrote: »They might or might not. But the point is that this is not a loan for a deposit. And if they would lend the OP the same amount of money for a car or home improvements or a cruise, then the only reason they might not lend to the OP is because Computer says No.0
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