We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Loan advice needed for house deposit
I need some advice. I have found a really cheap house for sale that would mean I would pay less for the mortgage than I am paying in rent. Unfortunately I don't have any deposit.
I have been advised that I would need a 5% deposit which is £4000. I already have a loan with Natwest for £3000 and would need (!?!) £3034 to clear that.
So I need to borrow £7000 unsecured (just in case I don't get the house Natwest have told me that they won't lend me any more money. This is because I have a poor credit rating - a CCJ which isn't mine and is being sorted out . I know I should wait until this is removed from my credit rating but I don't think I will find another house so cheap. I have also made late payments on my credit cards and had a standing order rejected at the bank because they money didn't transfer in time.
Where do I go to find the £7000 I need or failing that the £4000 for the deposit not paying off my original loan?
Any help much appreciated.
Mons
I have been advised that I would need a 5% deposit which is £4000. I already have a loan with Natwest for £3000 and would need (!?!) £3034 to clear that.
So I need to borrow £7000 unsecured (just in case I don't get the house Natwest have told me that they won't lend me any more money. This is because I have a poor credit rating - a CCJ which isn't mine and is being sorted out . I know I should wait until this is removed from my credit rating but I don't think I will find another house so cheap. I have also made late payments on my credit cards and had a standing order rejected at the bank because they money didn't transfer in time.
Where do I go to find the £7000 I need or failing that the £4000 for the deposit not paying off my original loan?
Any help much appreciated.
Mons
Debt free by Dec 2011 
#178 Pay as as much as you can in 2011 £2305.80/£7489.27
#178 Pay as as much as you can in 2011 £2305.80/£7489.27
#114 Crazy clothes challenge £60/£60
#1369 Sealed pot challenge 4 £9.72
#139 Virtual sealed pot challenge £15.50
#1369 Sealed pot challenge 4 £9.72
#139 Virtual sealed pot challenge £15.50
0
Comments
-
Don't forget that you will need approx another £1000 for solicitor, searches etc.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards