Bank Loan for mortgage deposit?

JPB123

I was at a conference last week and this was mentioned by the lender's BDM. If it fits on affordability, then I don't see the issue.


There's only lender that I'm aware of that accepts it, but like Amnblog says, it's a major High Street lender.

I am an Independent Mortgage Adviser

You 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.

JPB123

ACG wrote: »

I dont like to correct peoples posts but there are a few things not quite right above.

Why let facts get in the way of a good, self-righteous rant?

I am an Independent Mortgage Adviser

You 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.

ACG

I agree, im only aware of one lender.
Thats why I was trying to determine who the lender was.

Senior_Paper_Monitor

The clue is in 'mortgage promise' !!


.... and they are not at the 'right bank' for this plan.

DpchMd

Santander accept loans as deposits.

Not sure why they couldn't just say that.

ACG

Because the advisors on here are not allowed to name lenders.
It could be seen as leading and without knowing the full story we risk a lot.

DpchMd

Cool, good job I'm not capable of advising :-)

Senior_Paper_Monitor

Correct analysis DpchMd - and you don't have a licence to loose for giving it without knowing the rest of the circumstances which may or may not fit the Santander criteria.


What is clear is that a 'bank advisor' (allegedly) has apparently given some incredibly poor quality advice to the OP.




What you are suggesting as a solution may be workable for the OP - but without the whole file, some research and a bit of careful thought none of the qualified advisers on here would care to suggest it is the best solution.

DpchMd

Senior_Paper_Monitor wrote: »

Correct analysis DpchMd - and you don't have a licence to loose for giving it without knowing the rest of the circumstances which may or may not fit the Santander criteria.


What is clear is that a 'bank advisor' (allegedly) has apparently given some incredibly poor quality advice to the OP.




What you are suggesting as a solution may be workable for the OP - but without the whole file, some research and a bit of careful thought none of the qualified advisers on here would care to suggest it is the best solution.

I never suggested a solution.

amnblog

Don't forget that if we spent our time giving out Lender names based on a paragraph of information there is not just the regulator for us to worry about.


We would be setting MSE posters up for a fall as there is much more to getting lending that seeming to meet lender's criteria in just one area.


This would cost the poster, time, money, and heartache. Who would then get the flak on this forum?


You will note that what we tend to do is to:


Reassure where possible


Give practical tips where possible


Point out when the poster is going in the wrong direction.


No-one on here should expect ready packed solutions from brokers and free regulated advice.