Mortgage deposit loan

Bbbrrr93

Hi,

I have already been approved for a mortgage with my partner we have already saved up the majority of our halves of the deposit (my partner has his share completely).

However because I've had to take some time off work sick I've realised I would be about £1000-£1500 short of my full amount by the time our deadline in November arrives. I'd considered maybe taking a small loan which I could easily pay back bit I'm not sure that even for a small amount if that is allowed.

Any advice would be greatly appreciated

JimmyTheWig

Can your partner make up the shortfall?

Bbbrrr93

Possibly but I don't want to put that burden on him. It's my half of the mortgage and it should be my responsibility to see through and pay it

sparkey1

Do you have a credit card that from time to time offers cash transfers at special rates? Or an overdraft facility that could cover it for a very short period?

Tip, dont ring your bank and ask for an overdraft to cover your purchase.

Bbbrrr93

I have one but I'm not sure if it does that. I have a very small overdraft but I don't want to keep extending it.

foxy-stoat

Talk to your partner and tell them you are short - no point putting the mortgage acceptance at risk by taking out a loan to cover the deposit shortfall. Come up with a plan together.

sparkey1

What credit card?

Also, can you cut your spending to the bone in the short term?

Bbbrrr93

It's possible we might have to. It's a shame since i was well on track for the money until I got sick and then the company I work for cut Sunday premiums which leaves me £90 down a month. A loan would be the last resort possible and it's not something I'd be keen on doing since I know mortgage providers don't like it. Hopefully I can get it all sorted by deadline

Grezz24

if you are getting a mortgage together your finances are going to be entwined going forward.
id be upfront and explain the situation to your partner, its a joint mortgage and joint application.

if you want to protect yourselves you could create a written agreement that you would pay him back or write into the contract agreement that your partner would get £1500 back from any future house sale before the rest of the equity is split.

[Deleted User]

You could at a push get a new CC put £1500 of daily spending on that, far better to get a CC that offers money transfers at 0% for a period of course.

jonesMUFCforever

There is every chance that when you apply for a mortgage that any debts would be held against you.
So either save and put back the application or come clean and explain to your other half.
A mortgage is not just for Christmas but for life (well for at least 25 years anyway) so you need to be sure that you can afford to purchase a property and other associated costs such as solicitors fees etc before proceeding.