I need to go to the bank tomorrow and ask for £10k

[ALittleBitOfMagic]

Then on Friday I need to go to a mortgage broker . I think I am going to get laughed right out the door . Both times but I need to try there is an awesome and very rarely available house just came on the market I need to at least try .

Anyone have any advice I really have no clue what I am doing!

celticclan
because they will ask where it came from and if you lie you invalidate your mortgage and potentially leave you homeless

and if you take out a loan later you have to give a REAL reason for what you will spend it on - and lenders will check

banks do not make people homeless who have fallen on hard times
they DO evict people who lied on their applications : and those people are deemed 'intentionally homeless' so right in the poo

ALittleBit - I wish homes were £200k. I just commented on another thread there is a new build studio near me on for £340k. Two bed on my road is £500k.

I don't think I will ever buy.

Bank will see loan repayment through credit check...and when the advance was paid. Wouldn't take a rocket scientist to work out that deposit equal to loan amount magically appeared just as deposit was needed.

It is so much harder than it used to be.

We were recently turned down for
a remortgage to do a loft conversion. They said we couldn't afford it and to try again when we have stopped paying nursery fees.

A few years ago they probably wouldn't have even asked if we were paying nursery fees. I can understand why it had to get harder but it was embarrassing as I felt like the advisor was trying to catch me out she kept saying that expenditure on leisure was very low and it was obvious she thought I wasn't being truthful.

You're right Celtic, it is so much harder. I was a FTB in Dec last year, at ripe old age of 44...it took me an age, what with one thing and another, to get deposit together. The one thing I can't stress enough is be 100% upfront with your lender...with the capacity of IT/technology these days- you cannot hide anything! If you do...and it's discovered (and it will be!) you will lose your home and could risk imprisonment for fraud.

So did you get the loan OP?

How did it go?
If you can afford to pay back the 10K over say 5 years, which will cost you just under £200/month, can you start saving that amount now?

Or, can you find someone who will actually look at your outgoings and income to see if you can afford it, rather than just income and assume how you are going to spend it?

You'd get a 2 bed terrace or new flat round here for that amount.

Sorry for delay in update been a mad few days ! Mortgage application on hold just now but actually nothing to do with loan/deposit situation . Turns out dh has an old mobile phone contract that , when cancelled the last payment didn't go through , he didn't know and now he's in default with them . So we need to sort that out first . He will be liable for it and have to pay it up but now that the default is on his credit report (which is otherwise perfect ) we have no hope in getting as good a rate

Needless to say I'm rather unhappy about it . Can't believe he was so careless . Anyway need to just accept it and work with what we have . Hopefully we can get some mortgage approved soon .

mum2fergus so your age wasn't an issue. We are hoping to buy next year (or the year after depending on size of deposit needed) and although DH will only be 37/38, I will be 41/42.

Did you take out a mortgage over 25 years?

Hi Mizu...no, age wasn't an issue...I was 44 and DP 39 when we made application. If I recall correctly, the max term available was 21 (taking me to 65) but we opted for 15 year term in the end (pay off quicker and still over £100 cheaper than the rent we were paying at the time).

Forgot to add, life insurance did jump a bit from original, generic quote once age, and if I'm honest weight, were added in. But it will repay mortgage should the worst happen.