Pay education fees or save for home down payment

tron05

Hi guys,

I have been saving to cover 10% deposit for a home i intend to buy in 6 months time.

There was a disruption to this.. And i need to foot my wife's post graduation fees(about £11,500).. This would eat into most of my savings.

I am thinking of taking a 3 year loan to cover the fees and keep my deposit savings intact..

I would nwed to make a £385 monthly payment towards the loan

Would this plan work? Would this impact my mortgage acceptance ? As of now, i intend to take a mortgage of amount lower than what i am eligible for.

Thanks for your help!

[Deleted User]

It will certainly impact affordability.

As worst, it will look as if you have effectively borrowed your deposit.