Borrow your deposit

System

Blacklight - I think m&d are usually at an age thats still quite financially bogged down and its what the grandparents did that often counts most, I can save now intending to help my son, but he'll be grown up before I really can

lisyloo

wotsthat wrote: »

It's nice to think lenders are hiring Magnum PI to forensically analyse applicants exact spending over a few years but it's not the case.

No but if you have taken a loan recently for the exact amount of the deposit, then a PI is not required.

It's not the first time you have suggested something dodgy but most people are sensible enough not to commit fraud as a criminal conviction will affect job prospects and your life generally.

If people are being pushed into lying then it suggests risk/bubble to me.

System

Solving problems in creative ways is something I've noticed the best accountants can do - note how multinationals are headquartered in tax havens (because that's "really" where they come from) and how they lend to other branches of the business to minimise their reported profits in the higher taxed countries.

So its not about lying, just changing your reality to fit the system - the system won't let you borrow for a deposit directly, but it will let you borrow for everything else and take out some sort of mortgage with debt in toe - just like a good accountant its just a matter of reassigning everything legitimately to your benefit

cells

lisyloo wrote: »

No but if you have taken a loan recently for the exact amount of the deposit, then a PI is not required.

It's not the first time you have suggested something dodgy but most people are sensible enough not to commit fraud as a criminal conviction will affect job prospects and your life generally.

If people are being pushed into lying then it suggests risk/bubble to me.

It is only maybe possible in the cheaper areas of the country where a £10k personal loan might be enough for a 10% down on a £100k home. And the places in England that are £100k for a house there is no bubble its cheap often at 4 x income or less

Maybe we need to get to a system whereby 5% down mortgages are cost competitive

System

Perhaps flats?:)

Thrugelmir

MatthewAinsworth wrote: »

Solving problems in creative ways is something I've noticed the best accountants can do - note how multinationals are headquartered in tax havens (because that's "really" where they come from) and how they lend to other branches of the business to minimise their reported profits in the higher taxed countries.

So its not about lying, just changing your reality to fit the system - the system won't let you borrow for a deposit directly, but it will let you borrow for everything else and take out some sort of mortgage with debt in toe - just like a good accountant its just a matter of reassigning everything legitimately to your benefit

Global tax planning and UK mortgage lending simply isn't comparable. Why don't you try what you are suggesting and see how far it gets you? Be interested to hear the outcome.

mwpt

cells wrote: »

Maybe we need to get to a system whereby 5% down mortgages are cost competitive

They are cost competitive. They're cheaper than they've ever been.

System

Thrug - I already own my flat, in my case saved while with parents, this is just an idea that came from seeing people stuck in a rent trap

lisyloo

MatthewAinsworth wrote: »

Solving problems in creative ways

You appear to believe you are coming up with innovative ideas like "move out of London" and "borrow your deposit".
I think you are disillusioned if you think you are coming in with new ideas.

lisyloo

MatthewAinsworth wrote: »

Perhaps flats?:)

Where? My flat is £450k.
Do you mean people saddling themselves to the hilt for a sh*thole in Luton?
Do you not think there is some risk with this?
Would you personally "help" your kids to get saddled with debt to the hilt?