loan as deposit help..

djc2015

I know not many lenders out there are willing to do this, santander are one of the very few.. but i want to know if anyone else has went down this road or been in the same position..
Been accepted for a 15k loan with halifax bank with repayments of 217 for 6.5years, planning on using 3.5k to pay off existing credit card, then the rest on deposit and fee's ect..
House i like is 97k, and i am on 20800 flat with 1000 minimum overtime, i have got a letter from empoyer stating it is a full time employed position as i am still in my probation for 4 weeks.. after the 4 weeks i should be getting a £1 raise per hour.

Mortgage broker oringinally said i could borrow 82k on the above criteria, or if i remortgage my BTL property and put it as interest only and raise it to 75% ltv and get few thousand back, i could borrow around 87k, which will be plenty for the property i like.

However, the tricky bit why i Am on here asking for advice.. as the mortgage broker was beginning to process a mortgage in principal, she came back that i could only borrow 62k, as the CC im planning to pay off with loan is still being taken into consideration. She said i could accept the loan now and pay off CC, but there is a risk incase they dont lend me as much or somethin Else creeps up And then i already have the loan in place.

should i (bear in mind found house of dreams and impatient);
Accept CC and go for it,
Wait till probabtion ends then apply for loan again,
Save up deposit like any normall person is not really an option, so please dont waste your fingers keyboard warrioring telling me to wait and how stupid i am..
Thanks foR listening

Landofwood

Save up deposit like a normal person

Southend1

djc2015 wrote: »

Save up deposit like any normall person is not really an option, so please dont waste your fingers keyboard warrioring

Realistically you are not going to get a mortgage if you have borrowed the deposit. So you aren't going to get the reply you are looking for.

Although you may not want to hear it, I suggest you look at the underlying problem here and address that, I.e. The inability to save a deposit. Why not post a SOA on the debt free wannabe board and get some advice on your budget?

GMS

Has your broker done the affordability calculation with the loan in place? If 3.5k of credit card debt drops the borrowing to 62k what impact will a loan of £217 per month have?

amnblog

Your broker seems to have her finger on this situation.

benjus

Maybe you should sell the BTL property, pay of the CC and use the rest towards a deposit for a residential mortgage. Then you can re-enter the BTL market when you're more financially stable.

Trying to maintain a BTL mortgage, residential mortgage and a bank loan seems to be asking for trouble. What happens if your tenant calls to say their boiler has exploded?