House deposit Loan from employer?

ashp_2

mrginge wrote: »

You are not relocating.

I will technically be moving to another county. It's about 2 miles away but next door to my work. Is this not classed as relocating?

getmore4less

the employee’s new home is reasonably close to the workplace and their old home isn’t

Also read the list of allowable expenses, unlikly yours could get close to £8k

ashp_2

Just thought I would update this. We are going ahead with the loan for a deposit. We finally have everything in place.
I was quite surprised that one of the few lenders that accept loans for deposits is Santander. We now have an agreement in principle with them and if our offer gets accepted we will nervously be putting in the full application.

AnotherJoe

Thanks for the update. As I wished you before , good luck !

ashp_2

Update: Full application has gone in! We have passed the credit check. Just got to cross fingers and wait.

Mortgage advisor has told me they have only requested my last pay slip but not any bank statements. Which is a good thing apparently. I won't be convinced until we get the mortgage offer!!

ashp_2

Our mortgage application was accepted today, So pleased. It is certainly possible to pay your deposit with a loan after all

leanne12345

Just out of curiosity, you earn £55k and say you lived rent free your whole working life.. what on earth were you spending your money on if you couldn't save a deposit??

ashp_2

leanne12345 wrote: »

Just out of curiosity, you earn £55k and say you lived rent free your whole working life.. what on earth were you spending your money on if you couldn't save a deposit??

I wasn't always as sensible as I am these days, Got in a lot of debt when I was young and spent many years paying for it! My salary has also increased by about 25k in the last few years.