loan to buy a property?

bobbette1

Can anyone help? I am paying up my mortgage and need £10,000 of my own funds to buy a property, I have managed to get a loan for this, is it allowed? I have the rest of the money from my house sale. I don't want to get to exchange of contracts to find its not legally allowed. I would appreciate any help or advice. Thanks:j

CLAPTON

you you mean you are selling your house and using the money to buy anothe house together with the 10K loan?
No other mortgages etc?


if so then yes of course you can do that.

[Deleted User]

As long as you didn't say the loan was for a new car (ie committed fraud on the application) then it should be fine. Loans for deposits are't allowed but this is a different situation.

bobbette1

Thanks for that, I seem to recall many years ago there being a problem so appreciate your reply.

bobbette1

No I request the loan as ''other'' so no actual reason was given, they have no idea what it is for.