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      08-25-2011, 05:39 PM   #1
Vaheed1
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Mortgages!

hi all, is there any mortgage advisors/experts on this board? Today, I had an offer for a house accepted. Braclay's was my first point of call - but their first time buyer (fx for 3 years) rate of 4.49% with a LTV of 85% is a little too high. I've also spoken to my own bank Lloyds (both personal and business) and they're offering a IR of 3.89% with same LTV but for 2 years fixed. Barclay's gave me an acceptance in principle so I could (initially) secure the property with an offer.


The house in question is more of a long term investment than somewhere I see myself living for the next 10 + years. It's in a quiet area just outside of Newcastle City Centre and beautifully done out; 3 bed semi with garage and lots of extension potential. Well worth the 150k we've had accepted. I've got 18k sitting there ready to go down as a deposit -so I've a 4,500 ish shortfall on the deposit. If i was to take a short term personal loan out to make up the deposit - would it go against my continuing mortgage application - or credit file? Apart from a HP on my car - me and the wife have no other debts outside of my business mortgages (which aren't taken into account)

I could borrow it from my siblings/parents - but really don't want to.

Thanks in advance.
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      08-25-2011, 05:53 PM   #2
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imo you be better to borrow the 4.5k off your parents then get the small loan to pay them back once your completed the purchase of the house
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      08-25-2011, 05:55 PM   #3
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I've sent your information to my mortgage man, I'll pm you when I hear back from him with his thoughts... .
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      08-25-2011, 06:11 PM   #4
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imo you be better to borrow the 4.5k off your parents then get the small loan to pay them back once your completed the purchase of the house
The reason why I'm not taking anything off my parents is because my dad has offered to pay some money towards my mortgage. Again, it's not something I would like to do or accept- but he's insistent as he's bought all his kids houses and I'm the only one who hasn't taken anything from him over the years. I don't want to upset my parents, and believe me - they will be and to just keep the peace -I've agreed that they can give me some money towards it. I know, most people would love this kind of offer - but I'm a firm believer of standing on one's own feet.
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      08-25-2011, 06:12 PM   #5
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I've sent your information to my mortgage man, I'll pm you when I hear back from him with his thoughts... .
Cheers fella
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      08-25-2011, 06:35 PM   #6
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Borrow it from your folks but pay it back. Win-win if you feel strongly.

I'm the same - no money gifts from folks - but in this instance for such a modest amount to help you out and save hassle with banks - why not? You can even given them some modest interest if you want.
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      08-26-2011, 01:14 AM   #7
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Borrow it from your folks but pay it back. Win-win if you feel strongly.

I'm the same - no money gifts from folks - but in this instance for such a modest amount to help you out and save hassle with banks - why not? You can even given them some modest interest if you want.
+1 This simply makes the most sense.

Give the britannia a call for a mortgage, i always end up renewing with one of thier fee free fixes.
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      08-26-2011, 01:29 AM   #8
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DO NOT get a personal loan for the deposit. The lending criteria for most mortgages is that you have funds for the deposit without further borrowing. It may put your mortgage in jeopardy.

Borrow the shortfall off relos and don't tell the bank. And pay your relos back ASAP as it is a big favour to ask.
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      08-26-2011, 02:03 AM   #9
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Yes, forgot to mention that, credit/store cards & misc. loans all eat into the amount you can borrow so best borrowing from someone.
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      08-26-2011, 02:17 AM   #10
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Originally Posted by rogerxp View Post
Yes, forgot to mention that, credit/store cards & misc. loans all eat into the amount you can borrow so best borrowing from someone.
On top of your game I see Rog
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      08-26-2011, 03:18 AM   #11
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Recently in the same position.
Santander are pretty competitive ATM. I'm on 2 year tracker at 3.25pecent
I don't see interest rates going anywhere for two years!
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      08-26-2011, 03:37 AM   #12
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but isn't borrowing from your parents an investment in itself? Its not a hand out and doesn't take away from you standing on your own 2 feet. Whether tit be a bank or individual you are going to pay it back...if its any consolation pay it back to your parents with interest if that makes it any better for you. If they won't accept the interest then pay for something like a weekend away etc.

The less you can owe these institutions is the better for you and your long term investments!
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      08-26-2011, 03:46 AM   #13
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I echo what most have suggested, borrow from parents. The way it's the most cost effective way of getting your deposit money. Once you're in position to give it back do so. Without my parents help I know I wouldn't be where I am today. Undoubtedly I will do the same for my kids.
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      08-26-2011, 11:49 AM   #14
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Family is there for a reason, its not like your asking to move back in with the parents.
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      08-27-2011, 12:13 PM   #15
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Thanks all. The 'rents may have to be considered - Because there's no chain involved - I may well buy a little time for myself and get enough together to pay for it myself. Going to see 2 more lenders next week - i'll keep you updated
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      08-27-2011, 02:11 PM   #16
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paid our mortgage off last Xmas................!!!!

Feels GREAT being mortgage free!
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      08-27-2011, 04:54 PM   #17
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Always used the FSA to compare rates, and find better LTVs etc. They are impartial (obviously) so worth a look:

http://tables.moneymadeclear.org.uk/...are-mortgages/
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      08-28-2011, 05:35 AM   #18
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Quote:
Originally Posted by Vaheed1 View Post
Thanks all. The 'rents may have to be considered - Because there's no chain involved - I may well buy a little time for myself and get enough together to pay for it myself. Going to see 2 more lenders next week - i'll keep you updated
Buying time is also risky as offers-and-acceptance is not binding in England. The longer things take, the more risk the deal will fall over.
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