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Question on taking loans from bank

gino_76ph
gino_76ph Posts: 340 Forumite
Hi there!

I'm moving house and there is a significant amount needed for the deposit to give to the estate agent.

I'm currently with Nationwide and i would like to know wether ringing via phone or going to a branch makes any difference in applying for a personal loan.

Please advice.

Thanks.
«1

Comments

  • DCFC79
    DCFC79 Posts: 40,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Whats the loan for ?

    The deposit by any chance ?
  • Naf
    Naf Posts: 3,183 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    In theory it shouldn't make any difference to their decision, but for the sake of speed it'll probably be faster going into branch. If you do it on the phone they may want to send you the stuff to sign so you wouldn't get the cash until they have that back. In branch they ought to be able to do everything at once for you, and maybe even release the funds same day.
    Never argue with stupid people, they will drag you down to their level and then beat you with experience.
    - Mark Twain
    Arguing with idiots is like playing chess with a pigeon: no matter how good you are at chess, its just going to knock over the pieces and strut around like its victorious.
  • gino_76ph
    gino_76ph Posts: 340 Forumite
    The loan is for the deposit overall before we are actually handed the keys and the eventual moving.
  • zxspeccy
    zxspeccy Posts: 180 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 13 June 2012 at 9:01AM
    So I am assuming you have already put in an offer for a property and had it accepted, and have a mortgage agreed. The question I ask is why is there now a shortfall, surely this should have been budgeted for? Also how much is this significant amount that you need?

    Some lenders may not provide personal loans for mortgage deposits, although with a good credit rating/score this may not always be the case.

    Phoning or ringing the bank shouldn't make much difference in getting a loan decision from them.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    firstly you don't pay the estate agent the deposit on the new property; you pay your solicitor

    secondly: presumbaly you are only looking for a bridging loan to cover the period between exchange when the 10% deposit is required and completion when the money for your existing property becomes available?

    is that right?
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    Personal loans for house deposits are a complete no no if that's what you're angling at.

    When you apply for a mortgage, you state your income and outgoings and the decision is based upon that...if you suddenly go and borrow 10k for a deposit then obviously your financial position has changed and the mortgage offer is invaild.

    Some people on here have been left with a withdraw offer after pulling that trick.

    Good luck anyway.
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • Apples2
    Apples2 Posts: 6,442 Forumite
    Maybe a rental deposit. In which case they won't give a hoot where it comes from
  • zxspeccy
    zxspeccy Posts: 180 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Apples2 wrote: »
    Maybe a rental deposit. In which case they won't give a hoot where it comes from

    It is not clear in the OP post, but I think you are right this is possibly for a rental property.
  • gino_76ph
    gino_76ph Posts: 340 Forumite
    This is for a rental property. This only costs around £2500 and this is mainly for the deposit (of 6 weeks) and the 1-month rent in advance.

    So, what do i need to tell my bank if i'm taking out a loan of this "small" amount and reason?
  • bargainbetty
    bargainbetty Posts: 3,455 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Tell them the truth. They are going to look at your salary and existing personal debt, and base their assessment of your ability to repay on that. Please, don't lie about your outgoings to them - you are better off taking it over longer and paying a little more than getting into trouble.

    I wouldn't be MSE if I didn't note that you would have been better saving up for it before signing the lease! :)
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



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