I would like to borrow some money!

JPD86

I've been told by a mortgage adviser that Santander allow a loan for the source of your deposit on a house purchase but have not take it any further than an initial conversation.

Gaz83

stevebrown1982 wrote: »

Knowing that you can borrow from family to secure a deposit and this doesn't show up anywhere to prevent a mortgage being given demonstrates to me - in simple terms - that there is a way around it (if only my family had the cash to loan!)

Yeah, it's called 'fraud'.

DCFC79

stevebrown1982 wrote: »

Cheers for the feedback and certainly backed up my original thoughts.

Knowing that you can borrow from family to secure a deposit and this doesn't show up anywhere to prevent a mortgage being given demonstrates to me - in simple terms - that there is a way around it (if only my family had the cash to loan!)

I considered looking at peer to peer from the point of view that it's not all that different from 'a friend' loaning money and if it's a friend there may be a way round the credit agency - even if I pay back slightly more - ultimately I would be saving more than I'd be paying in extra repayments by not having the rent and saving at the same time.

But it's back to plan A and saving like a madman as suggested earlier in the post.

I appreciate the extra costs, we have a savings pot already for this, the £35k was the shortfall.

Thanks again

The only way to avoid the credit ref agency is to borrow from the guy down the pub, the guy in the back alley. who will break your knee caps if you miss a payment.

ReadingTim

DCFC79 wrote: »

The only way to avoid the credit ref agency is to borrow from the guy down the pub, the guy in the back alley. who will break your knee caps if you miss a payment.

Almost - the OP could also consider the following:

Theft/robbery - would probably need to be the sort of Hatton Garden heist rather than knocking an old lady over the head and nicking her handbag, but everyone's got to start somewhere...

Drug dealing - you'd probably want to get into importing the stuff or growing your own to sell, rather than small bags and wraps on the streets

Prostitution/pimping - are you a good looking lady, or do you know any who might be looking for a bit of extra cash..?!?

pvt

stevebrown1982 wrote: »

I considered looking at peer to peer from the point of view that it's not all that different from 'a friend' loaning money and if it's a friend there may be a way round the credit agency

Peer-2-peer lenders like Zopa use CRAs exactly the same way that banks do. They get information from them, and report information to them. It would be morally wrong if they did the former and not the latter.

As others have said, there is no way around this unless you get a "gift" from someone.

robatwork

You will either have to earn it, or steal it.

I recommend the former.

RavingMad

Get a family member to take out a loan. I'm not advising this, just saying there is that as an option

dealer_wins

RavingMad wrote: »

Get a family member to take out a loan. I'm not advising this, just saying there is that as an option

That is IMO immoral as well as being a horrific idea!

FireWyrm

RavingMad wrote: »

Get a family member to take out a loan. I'm not advising this, just saying there is that as an option

It's also mortgage fraud. The bank can and will foreclose on you if they find out.