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Advice needed
chezza01
Posts: 6 Forumite
Due to issues beyond our control and living a house we have had to offer 5k more than our original accepted offer and mortgage application and hence valuation that values house at 120k not the increased 125k.
We need to find is additional 5k ourselves. We have in savings 2.5k of it, our question is will there be a problem with mortgage going through if we need to put the other 2.5k on credit card? Will this stop it going through? The card would be paid off within 3 months so that's not a huge deal using it for us.
We need to find is additional 5k ourselves. We have in savings 2.5k of it, our question is will there be a problem with mortgage going through if we need to put the other 2.5k on credit card? Will this stop it going through? The card would be paid off within 3 months so that's not a huge deal using it for us.
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Comments
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It will depend on the lender. Some do not like you borrowing the deposit, others dont mind but will include it in affordability.
You will need to check with the lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It will depend on the lender. Some do not like you borrowing the deposit, others dont mind but will include it in affordability.
You will need to check with the lender.
It's not to borrow the deposit. We have the full deposit already. It's an additional 5k we need to pay for the house outside of lending.0 -
It is the deposit!
If it's not being funded through the mortgage then it's your deposit! Your deposit can come from savings or equity from your previous property. Lenders don't like it to come from borrowings as ACG has said.0 -
Most solicitors will charge you a fee of between 1 and 5% for paying by credit card.0
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It is the deposit!
If it's not being funded through the mortgage then it's your deposit! Your deposit can come from savings or equity from your previous property. Lenders don't like it to come from borrowings as ACG has said.
the house we are after got an offer accepted for 120K, since then found out house could not be released from lender for less than 127. we agreed to pay the additional 5K (outside of mortgage) and vendor is paying the extra 2k so we can avoid stamp duty......yes I know its mad please don't go into the why and why nots etc. just want to know if we needed to use credit card for the 2.5k (as we already have 2.5k saved) outside of deposit as we have saved the 5% needed already will mortgage offer be pulled.0 -
You will need to check with th lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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