Mortgage deposit personal loan

TheBookThief Forumite Posts: 10
First Post
Hi I was wondering anyone can give me some advice. 

I took out a personal loan a month ago to buy a horse but that purchase fell through. I already had £15,000 saved for a house deposit that I didn't want to use for the horse hence the loan. 

I've now decided that I want to buy something soon. Currently all the money (loan and savings combined) is sat in my savings account. If I put £15,000 down as a deposit will the mortgage company think some of that has come from the personal loan and therefore decline my application? 


  • Neilos9
    Neilos9 Forumite Posts: 67
    Part of the Furniture 10 Posts Combo Breaker
    No, because your loan is £15,000 and your account has £30,000 in it.......
  • chanz4
    chanz4 Forumite Posts: 10,688
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    But they will build it into affordability
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • ACG
    ACG Forumite Posts: 23,233
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You can evidence the £15k in your bank account prior to the loan.

    I would be very surprised if an underwriter declined you because of that. They might want extra evidence around the deposit though. 
    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.
  • housebuyer143
    housebuyer143 Forumite Posts: 2,574
    1,000 Posts First Anniversary Name Dropper
    The loan will come off affordability and it will hit you more than £15k. If you needed to borrow top of your limit it may make that hard now
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