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Mortgage deposit personal loan
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TheBookThief
Posts: 14 Forumite

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?
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?
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Comments
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No, because your loan is £15,000 and your account has £30,000 in it.......0
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But they will build it into affordabilityDon'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.0
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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 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 -
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 now0
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