Can we do this re deposit

[Deleted User]

Hi i have a flat on the market which i am struggling to sell, I have approx £15k equity (if i sold for what i wanted less a couple of grand) we have savings of £6k for fees etc.

Now we are thinking of renting my flat, and hubby getting a mortgage on his own (he is not on the flat mortgage) but the £6k will get us no where, if I took out a loan for the rest of a deposit and used the rental income to cover it, is this a good idea? We need about £15k deposit plus £3k fees.

I don't know what to do, i really don't want to sell my flat at a knock down price and the rental in the area is booming! I just can't stay there much longer! I need a garden :mad:

somethingcorporate

A lender will not accept a loan as a deposit.

You'll just have to do it the old fashioned way - save or price the house at a value it will sell at.

Wh05apk

Lenders will generally accept loans as deposit, but the repayments will be taken as a commitment.

The issue here is that the if the deposit is coming from you, then the lender will expect you to be on the mortgage too.

If you were to get consent to let from your current lender, you could then take a joint mortgage on the new property, subject to getting the deposit sorted.