Loan during process of buying first flat

dumna

Hello

We would like to tate a loan from bank because we have short money for our deposit for flat.
Is it not going to interfair with our mortgage application?

Our mortgage is accepted and in a process of valuation.

Please advise.

Thanks

Dumna

YoungBusinessman

You would have to reapply for the mortgage and let them know the deposit is borrowed. More than likely it will then be declined. Why go to all the hassle of a valuation etc without funds in place?

CLAPTON

it would be extremely unwise to apply for a loan until after completion.

what did you write on the mortgage application form about your deposit?

dumna

On application we wrote that we have savings.

By complition you mean when we paid deposit already?

gb12345

dumna wrote: »

On application we wrote that we have savings.

So basically you lied on your application form then.

Your solicitor and the lender will want to see proof of the source of the deposit for money laundering reasons. What do you plan on telling them? More lies?

dumna

What about if I borrow from family or friends?
I will let them know that some money are from them?
I can go back to solicitor and correct that.

Caz3121

if you borrow it is still a loan. If the deposit is gifted then you should be ok as long as the person providing the money signs to confirm that it is a gift and not a loan
It may still be looked at as if you are unable to save your own deposit so could affect the mortgage offer

dumna

how can that affect my mortgage offer?

gb12345

dumna wrote: »

how can that affect my mortgage offer?

At best, it could be withdrawn at worst you could be reported for mortgage fraud as they could take the stance that if you lied about that what else on the application is untrue.

dumna

what sort of proof lender will ask me to proove deposit?

I have savings in another european country.
How can they check it?

Moneysaverchris

dumna wrote: »

Hello

We would like to tate a loan from bank because we have short money for our deposit for flat.
Is it not going to interfair with our mortgage application?

Our mortgage is accepted and in a process of valuation.

Please advise.

Thanks

Dumna

This post really is stupid, It's illegal to borrow money for a mortgage-That would make it a 100%LTV mortgage and they have been withdrawn from the market due to the fact is one of the things that got us into the financial mess being recession.

Save your money and apply honestly!!!