Deposit for mortgage

[Panther79]

Hi everyone

I am looking for some advice and would be very grateful for any.

I am looking to get a mortgage. I have spoken to a mortgage advisor who has advised me to wait for another 3 months. Unfortunately the property I am looking at will be long gone by then and sadly I can't see anything in my budget for the next few years.

The advisor advised that I will have no issue getting the mortgage as I have sufficient income to cover the mortgage loan. However, I borrowed £10,000 from my employers for the deposit money and that's an issue. The repayment is 200 pounds a month and I have no other debts.

I was wondering if anyone has been successful in securing a mortgage in a similar situation.

Many thanks for an input.

@seattle - that's a joy to know that some lenders do accept.
Congrats on getting your mortgage approved.

I have spent 14 years on rent and just don't want to do it anymore.
Just want to have a stable place.
I am heartbroken over this to be honest.

Don't be heartbroken- you've been given bad advice but you have options.

If Santander accept a loan as a deposit, put all your details into their affordability calculator- including the loan repayments- and see if you can borrow what you need.

The problem with being limited to lenders who accept loans as deposits means you are stuck with their particular criteria whatever that might be.

Whatever you do, don't ring round lenders making applications left right and centre- that will mess your chances right up- find a good whole of market broker.

@ bear yes thank you. I am on the phone to santander right now.
and yes I don't want to make anything applications for impact on my credit report. You have been great thank you.

@ seattle you are a true godsend.

and everyone who commented - you are all wonderful, thank you.

thank you @bear

Just got off the phone with Santander and I can now proceed ahead, they will give me a mortgage with the issue I mentioned.

THANK YOU EVERYONE.

Great news!

Great result! I hope you get to buy the property, get that offer in now!

Excellent news! Good luck with it all

TOp bananana