Loan companies

Hamiltonc

Please no negative comments

What loan companies are there to contact / try, in order to use a personal loan towards a property deposit?

I know a lot have this as a restriction for obvious reasons but based on our circumstances it suits us and fully approved by mortgage lender too

Please let me know which loan companies don't have this as a loan lending restriction?

Appreciated & thank you

Woodstok2000

I'm not sure any loan companies would be comfortable with the idea of their unsecured credit being used to fund a much larger secured debt.

retiredbanker1

There are no mainstream lenders that will let you borrow your deposit to buy a property.

Even if you did manage to borrow the money somehow, your mortgage lender would want to know where your deposit came from and once you confessed your application would not be taken further.

There are probably dodgy lenders with high APR's that you could try but if you cannot save for a deposit and want to keep your kneecaps in order I would suggest you don't go down that route.

Hamiltonc

https://forums.moneysavingexpert.com/discussion/comment/82078841#Comment_82078841

As mentioned I just need to know loan lenders who will lend for this purpose - our mortgage offer has been approved officially based on this

retiredbanker1

https://forums.moneysavingexpert.com/discussion/comment/82078985#Comment_82078985

There are none

MEM62

and fully approved by mortgage lender too

I would be extremely surprised if that were the case.

Hamiltonc

https://forums.moneysavingexpert.com/discussion/comment/82079750#Comment_82079750

It is the case - just after loan companies who don't have this restriction

k12479

A 100% mortgage may be an alternative solution. Seems more banks have started offering them recently.

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/82080301#Comment_82080301

Not sure what is difficult to understand about the previous responses that there are none (that are legit). Have you ever seen a loan application which has the option of 'house deposit' as purpose of the loan. And if it is the case that your mortgage provider accepts borrowed deposits then care to name as I would be equally surprised if any lender did.

kaMelo

https://forums.moneysavingexpert.com/discussion/comment/82080301#Comment_82080301

If your mortgage lender is happy for you to borrow money for your deposit, ask them to lend it to you. I'll guess they are not so keen when it's them you're asking to stump up the cash.