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Secured loan for house deposit

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Newheight13
Newheight13 Posts: 238 Forumite
Fourth Anniversary 100 Posts Name Dropper
in House buying, renting & selling
Hi, 

I was about to apply for additional borrowing from my BTL with TMW but was told that as I accidentally paid one mortgage payment short by £5, 8 months ago ( no one informed me of this) additional borrowing is unlikely. 

I want the funds for a house deposit and stamp duty. I’m thinking a secured loan but looks like a 35k loan will have a 5k fee in addition to interest. Should I avoid? 

Thanks 

Comments

  • eddddy
    eddddy Posts: 18,032 Forumite
    Part of the Furniture 10,000 Posts Name Dropper

    So do you mean that you're buying the new house with a mortgage?

    A mortgage lender probably won't approve your mortgage, if the deposit is a loan.

    Or at the very least, they'll want to take into account your monthly loan repayments, when deciding how much you can afford to borrow.

    Maybe speak to your mortgage adviser before signing any type of loan agreement.


  • user1977
    user1977 Posts: 17,905 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    OP, have you spoken to a broker, as advised in several of your recent previous threads?
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