Loan for deposit for mortgage?

kingstreet

Fill in lender calculators without the card debt, then add it and see what difference it makes.

Presumably you have a FTB HTB ISA? If so, that's it.

Lenders are now offering 90%+ mortgages without the HTB guarantee, which ended in December.

Cage

kingstreet wrote: »

Fill in lender calculators without the card debt, then add it and see what difference it makes.

Presumably you have a FTB HTB ISA? If so, that's it.

Lenders are now offering 90%+ mortgages without the HTB guarantee, which ended in December.

@Kingstreet, is that in both England, and Scotland ? Or only England ? I know Scotland has a slightly different scheme ?

danlightbulb

kingstreet wrote: »

Fill in lender calculators without the card debt, then add it and see what difference it makes.

Presumably you have a FTB HTB ISA? If so, that's it.

I don't have the FTB isa because I'm not officially a first time buyer. I used to have a mortgage when I was married, but now I'm renting (no mortgage liability either). But this makes me ineligible for these new schemes.

Re the first point. That's what I did. It seems to be no problem on the calculators alone with taking out additional debt to fund a deposit. What I don't know is how that would pan out upon application. The lender will surely see that I have X debt and X deposit.

I am going to be staying in my rental for another 12 months at least. But I need to know what to do in this time period. Because I could be taking out the debt now and holding it until I need it. Or I could carry on as I am now, not increasing my debt but not reducing it either, or I could try and reduce it faster at the expense of my cash reserves. I'm not sure what is best approach.

ashp_2

danlightbulb wrote: »

I don't have the FTB isa because I'm not officially a first time buyer. I used to have a mortgage when I was married, but now I'm renting (no mortgage liability either). But this makes me ineligible for these new schemes.

Re the first point. That's what I did. It seems to be no problem on the calculators alone with taking out additional debt to fund a deposit. What I don't know is how that would pan out upon application. The lender will surely see that I have X debt and X deposit.

I am going to be staying in my rental for another 12 months at least. But I need to know what to do in this time period. Because I could be taking out the debt now and holding it until I need it. Or I could carry on as I am now, not increasing my debt but not reducing it either, or I could try and reduce it faster at the expense of my cash reserves. I'm not sure what is best approach.

I have got a loan for deposit. Got an AIP with loan for deposit declared. Have put in full application now. Will let you know how it goes!

danlightbulb

ashp wrote: »

I have got a loan for deposit. Got an AIP with loan for deposit declared. Have put in full application now. Will let you know how it goes!

Good luck.

I am not sure where to post on these forums because my situation is covering a whole range of themes from mortgages to loans to credit cards to stoozing to saving to matched betting.

Essentially I have lots of options available to me in some combination of the above, and I need to determine the course I want to follow.