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Additional Details
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jnewsom11 | Can i use a personal loan for a deposit on a flat? |
i have taken out a loan for 8k. i want to do a buy to let mortgage with another bank. will i be allowed to use the money from the personal loan(sorry if this is a silly question it's just that i assume there must be something that would stop you doing this or surely everyone would do it and be able to get on property ladder..?) or is it ok..?? thanks
Additional Details
thanks! but will the bank giving me my mortgage hold the personal loan against me for a buy to let..??? |
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Mark W
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You can use it, but you have to disclose the loan when you apply for the mortgage. Then when your lender works out your maximum borrowing amount, the loan (or repayments) will be taken into consideration and effectively reduce what you can borrow.
The reason why most people do not do this, is that 100% mortgages are available and given that they have lower interest charges than personal loans (typically) and the terms are longer, people tend to go down this route to keep their initial monthly repayments to a minimum.
So - yes you can do it, but it will cause the amount you can borrow to reduce and probably cost you more than a 100% loan. |
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RRK
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probably yes! |
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SLF
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i'd like to know the answer to this too so I shall watch your answers with interest. The way I understand it is that your mortgage lender will look at what other borrowing you have before deciding how much they can lend you. The fact that you have a large loan could count against you, because the repayments on an 8k loan would be something like £150?? a month, which means the amount you can afford to repay on a mortgage will be £150 less than it would have been, so they will lend you less. |
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ROBIN HOOD
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Nope, but it may help you to buy a cardboard box with a blanket in cardboard city in london!!!!! |
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julie J2006
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you can use the money for any reason you just have to remember the interest rate on a loan will be much higher than that based on a mortgage |
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matt g
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legally, you should not use your personal loan for any sort of business, gambling, or anything that is illegal. However, what the lenders don't know won't hurt them. So in essence you can use your 8k for the property deposit.
im a mortgage advisor, and if you need anymore help, give me a shout. |
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parrs161
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Lenders will always look at your current liabilities from bank loans to credit cards before deciding to lend you money. I'm not sure what you are buying but generally for buy to let you need a minimum 10% deposit, most lenders ask for 15%.
The amount they lend you is then based upon you potential rental income. You would be better off paying the loan back and pooling any resources you have with another person and buying a property this way. Lenders will see shared risk and no other loans outstanding and you will be deemed a better person to lend to. |
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pauldbrownlie
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youll have to disclose all current borrowings when you take the mortgage out. #but you can use it for any purpose you like. |
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♥Scottish♥ ♥Fairy♥
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yes. |
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tartanbeastie
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on the loan application you will i guess have been asked for the purpose of the loan. what i would say is that once the finance is in your bank account you can do what you want with it. its unsecured so you wouldn't lose the property etc if your finances all o pearshaped |
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