Personal loan for mortgage deposit

richardjmcdougall

Hi could you not go for the max mortage term possible then cut it down a few years once all signed?
Would 0% super balance credit cards where you get the money paid into your current account not help in this?

jonesMUFCforever

broisatse wrote: »

So the biggest outcome is that we have full time nanny, which we are sort of forced to given our working hours (9 to 9 usually). The little one goes to school in September, so that will go away. Also it is for that reason we want to move rather sooner than later so she's not changing school so often.

The mortgage in principle was given with assumed 19% APR, actual APR we get, based on soft check, was actually 2.8%.

We tried to get to the bottom of the Zopa rejection, they are however very much open about them never giving the rejection reason (apparently for security reasons).

We are currently investigating 95% mortgage option, it seems that a number of providers are now giving those, including Halifax and number of local building societies.

IMO the basics of this is simple - you cannot afford it.
You cannot borrow the deposit.

MallyGirl

broisatse wrote: »

So the biggest outcome is that we have full time nanny, which we are sort of forced to given our working hours (9 to 9 usually). The little one goes to school in September, so that will go away. Also it is for that reason we want to move rather sooner than later so she's not changing school so often.

Since schools do not operate 9 to 9 you are still going to be paying a fair amount in childcare to cover you from 3pm to 9pm. No childminder/after school club is going to cover these sort of hours so you probably still need the nanny. You might be able to share them with another family since you don't need the school hours bit, but then there will be holidays to cover too. Compared to other forms of child care nannies are often quite cheap.

[Deleted User]

What about an adviser/broker like f&p sponsors (who refer people into P2P platforms like Moneything). With your incomes & credit history, clear exit strategy (which, lets face it, in a few years could well be just be remortgaging if house prices have risen) I think you'd be a lot closer than some of these dodgy P2P loans that have gone live recently!! Whether the platforms would lend on an unsecured basis is another matter - but I've seen all sorts used as security - wine, art etc.

Rate will presumably be about 19% or whatever, but after 6 months you can get a 2nd charge loan at cheaper rate and/or overpay etc.

I assume you're over the £600k purchase price for a Help to Buy Equity Loan and/or not looking at a new build?

I'm sure you've thought of it - but if you have other BTL/Investment properties, a secured loan on them should be a lot easier to get.

gycraig_2

I!!!8217;d just pay higher interest for a few years using a 5 percent deposit tbh