Advice needed - Loan that wont kill my mortgage offer.

MrFrugalFever

Will you get any sort of refund back from your current rental accommodation? Could you move out now, moving in with family and claim that back immediately?
could you then add this to your monthly salary and add this together to get to £4,000? You may then need to frugally live off a CC for December?

theoretica

Anything you could do like sell a car, if you have one, and buy a new one once you are past the crunch point?

adarbin

MrFrugalFever said:

Will you get any sort of refund back from your current rental accommodation? Could you move out now, moving in with family and claim that back immediately?
could you then add this to your monthly salary and add this together to get to £4,000? You may then need to frugally live off a CC for December?

Unfortunately my account is only in credit for £3ish and the cost of ubers to my nearest family member to be able to work wont outweigh the £650 rent saved. But thanks for the idea, I hadn't even thought of it

adarbin

theoretica said:

Anything you could do like sell a car, if you have one, and buy a new one once you are past the crunch point?

Thanks for the idea but I cycle and my bike is 10 years old so probably worth £300 if I was lucky.

I have some old mac pros i rescued from the skip and even looked at selling the parts but it wouldn't make £300 stripping all 4 of them.

its such a small amount in the grand scheme of things but I just cant see the answer. although I'm a bit of a hoarder I don't have anything of great value and probably the thing that would get the most on ebay is a create of gold from the original italian job film my dad has but as there is nothing to prove that's where it came from (my dad was paid to clear a warehouse of film props in the 1970's) its probably near worthless 

silvercar

I would look on the mortgage board here, there may be a solution that a broker could suggest. Mortgage rates have come down in the last few days, so there may be another mortgage you could find.

One option, that would be expensive in the short term, is to take a higher mortgage rate now that has no redemption penalties and then move the mortgage when things settle down.

[Deleted User]

silvercar said:

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silvercar said:

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silvercar said:

themoomins said:

Even if you did borrow from family that would cause further complications. The bank would want to know about the source of the money.

If you have a credit card could you do all of your spending on that for a couple of months and keep the cash you would have spent on living in your account for the deposit? 

Both of these are good ideas. Generally mortgage lenders won't have a problem with family borrowing money. They need to know the source, but they aren't bothered if family take loans to provide it. Though you do say that family aren't in a position to give you the money. Gifts are fine, official family loans are not (as the lender is concerned that you have those repayments to make as well as your mortgage).

Living off your credit card to increase your bank balance only works if the lender doesn't insist on loans being cleared by completion day.

Bottom line is how much help family can reasonably give to make your dream. - unless there are better mortgage rates, or more relaxed lenders available now.

If the family lends the money (rather than gifts) then the mortgage lender will consider the debt as part of the total borrowing and affects what they can borrow, that is why any family stuff must either be a gift or declared as a loan as you say. It'll affect the offer anyway so OP will be stuck either way

If the family offer a gift, it shouldn’t effect the size of the loan. For money laundering checks etc the solicitor may want to know the source, but family gifts don’t effect borrowing amounts.

Hence why I said if the family lends not a gift

 You said “it will affect the offer anyway”, but a gift would be allowed so shouldn’t effect the offer.

No I didn't. Read my post

If the family lends the money (rather than gifts)