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House deposit


keeper96
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On 21/12/2020 at 20:37, mel b3 said:

The mortgage company/bank etc , will know that you're using borrowed money . This may well alter their decision about giving you a mortgage.

The best advice that I could give is , don't spend / waste money improving a rented property , you're just making someone else rich . Live a sparse life for a while , and save every single penny that you can ,and get out of a rented property, and into one that you will eventually own.

This is very sound advise.

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On 22/12/2020 at 00:49, figgy said:

If you can afford to pay the loan you can afford to save a deposit.

Pay the loan back, so long as you have furniture you can manage. 

You want better furniture keep a lookout on Facebook and gumtree etc.

We have literally binned perfectly good furniture because no one wanted it. My wife just wanted a change so out with the not so old in with the new.

Paying two loans isn't good.

 

On 22/12/2020 at 00:49, figgy said:

If you can afford to pay the loan you can afford to save a deposit.

Pay the loan back, so long as you have furniture you can manage. 

You want better furniture keep a lookout on Facebook and gumtree etc.

We have literally binned perfectly good furniture because no one wanted it. My wife just wanted a change so out with the not so old in with the new.

Paying two loans isn't good.

More very good advice. You appear to me to be part of the I want it now generation, stop being greedy. On the woman front,Never buy a book when there's a Library in town.... From Auntie.

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On 21/12/2020 at 20:01, Dougy said:

I would not do it, all your doing is getting further in debt, pay off the loan and start to save. Nothing wrong with living off hand me downs till you can afford to buy what you want or new. 

 

Good advice again, that contract that has just come up trumps for you in these troubled times could easily disappear.  From Auntie.

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1 hour ago, zipdog said:

no-one ever got anywhere by sticking to all the rules.

 

But plenty of people have been unable to ever buy a property again because they get black listed by mortgage providers for being dishonest. 

 

The mortgage providers will be able to see you have taken out a loan for "home improvements". This will eat into your affordability and put doubt on your character if you start saying you have that same amount of money for a deposit... 

 

Do you not think it would look sketchy on an application?

 

 

 

https://www.gocompare.com/mortgages/borrowing-a-deposit/ 

 

https://www.uswitch.com/mortgages/guides/can-you-get-a-loan-for-mortgage-deposit/ 

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