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Loan & Mortgage

Sunshine4205
Sunshine4205 Posts: 1 Newbie
in Mortgages & endowments
Hello,

Has anyone got a loan via there partner before then used it to apply for the mortgage? Surely this must happen a lot.

I have half the funds for a mortgage deposit but my partner doesn’t, he’s suggested he gets a loan for the money, as loans are at such a low interest rate right now, which means he can pay it back within a year or it would take him around a year to save it. This means he’ll send me the money & I’ll then apply on my own for the mortgage but I guess lenders will check or ask where I got the money from? Can I just say a car sale or something?

Any advice??!

Thanks.

Comments

  • SpiderLegs
    SpiderLegs Posts: 1,914 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Sunshine4205 wrote: »
    ....Can I just say a car sale or something?

    Any advice??!

    Thanks.

    Yes whatever they ask you just make something up. It’s not a problem.
    :think:
  • amnblog
    amnblog Posts: 12,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you are prepared to disregard the law, you are at liberty to say what you want, but expect the lender to check where the funds have come from, not simply take your word for it.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ACG
    ACG Posts: 24,897 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    When the lender/solicitor asks to see a build up of the deposit (which will include partners bank statements), how will you explain it?

    Lying is Mortgage Fraud.
    You also risk paying for valuation fees, searches, legal costs and it all comes tumbling down late on in the process. Is it work risking a grand or 2?

    I am sure it happens but I reckon the vast majority will get found out.
    I am a Mortgage Adviser
    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.
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