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loan for deposit?
jamiesmack
Posts: 41 Forumite
me and my partner are looking to purchase a house but are struggling to raise a satisfactory deposit.
is it advisable for us to take out a loan for a deposit or just have a higher deposit mortgage?
is it advisable for us to take out a loan for a deposit or just have a higher deposit mortgage?
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Comments
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If you take out a loan, it will reduce the amount of mortgage that you can have. So it could be counter productive, and not adviseable to fund credit by other creditI 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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You might just as well go for a 100% mortgage or 95% plus a 5% gifted / builders deposit if possibleI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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Would love too but credit rating not great so doubt i could? what do you think?0
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jamiesmack wrote: »Would love too but credit rating not great so doubt i could? what do you think?
Why do you say your credit rating is not great? Have you got defaults/CCJs/missed payments?
Have you got an up to date copy of your credit file?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 -
have had credit report, no real activity for two years or so but had three accounts go to default in the past. these were paid up in full 26 months ago and no problems since. have had mobile phone contract for six months.0
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You might then stand a slim chance of a 100% mortgage, but I would suggest talking to a whole of market adviserI 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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