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First time buyer...deposit method??
Simbohsimon
Posts: 3 Newbie
Removed - Pending Deletion
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Comments
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If you 'trick' the system you'll be landed in hot water, either do it right or not at all. There are many possibilities that can happen to you if you fail to produce the correct paperwork.
Don't take any loans as this can affect your mortgage company, take a loan and don't tell the mortgage company this is FRAUD and can hand you in hot water.[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
As above, thats not a trick - thats a lie. Obtaining money by deceit is fraud. Dont risk getting put on the fraud watch list, I have had a customer on there (through no fault of his own) and he struggled to get a mortgage and was in a far better position (ie £150k deposit, £70k income).
If you are renting, rent a cheaper property and save faster.
Put your deposit in a help to buy ISA.
Spend less on christmas/food/rubbish.
Do a second job - work in a bar for instance. We used to have a pub and had people who had full time jobsduring the day and then did 2 shifts in the pub for an extra £500 or so a month.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Is it fraud??
I wouldn't hide the loan. Or lie. I just have some funds from a previous loan that is now usable for something else a few months down the line, e.g. the deposit.0 -
You are obtaining the loan for one thing knowing full well it will be used for another and on the Mortgage application I am assuming you would not be declaring the deposit as a loan in part despite that being where it came from - 100% without doubt you will have committed fraud twice.
It almost feels like you are trying to convince the wrong people.
The actual people you are trying to convince are people you can not speak to and will see bank statements and a credit report and match everything up. Their job is to stop applications like yours going through.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you want to get a loan for a deposit, why not just use a mortgage lender which accepts borrowed deposits?
We did one a few weeks ago.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Really- I've tried googling.but can't find any! Do you know who with?0
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Yes. Speak to an independent broker for guidance.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I can't express how happy I am to come across this. Thanks for info guys : )0
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