Take a loan for deposit they said....
Aga Gronkiewicz Certs CII SMP and ER??
You Pick The View and I Will Help You Finance It - ??????????Mortgage Adviser at GRN Financial Services Ltd
Take a loan for deposit they said...??????
You may wonder if you could take a loan to be considered a part or a whole deposit to buy a house? Now, when we know many lenders require higher deposits due to Covid-19??????????, many first time buyers may struggle to put aside enough money for a deposit. So is it possible to use a loan as a deposit?
Although it may be possible, your choice of lenders will be limited to only one or two and if you don’t meet ALL their other criteria, you may end up with a useless loan, lowered credit score and lowered affordability for mortgage and NO MORTGAGE AT ALL!??
We had clients contact us many times when they first had taken a loan for a deposit and then came to get mortgage advice??.... At this point it was too late to fix things for them.?
So, before you do anything like this, please do speak to a qualified adviser ??????????and let them check everything first and work out a strategy for your deposit and for your mortgage.
Do contact me for more information if you are planning to buy a house.
GRN Financial Services Limited is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority
Our fees and charges vary depending on the Services we provide to you. We typically charge a fee of ￡350.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Sales Business Development Practitioner specializing in CRM efficiency and lead generation.
3 年Aga, thanks for sharing!
My goal is to help Businesses & Talent to achieve their Goals.... "If you want to live a happy life, tie it to a goal. Not to people or things."
4 年Always fantastic advice from the team at GRN for borrowers!!
???? Property Valuation Queen ????
4 年I get asked this a lot from my clients when I coach them through their property investing journey Aga Gronkiewicz Certs CII (MP and ER)?? This is common for first timers who invest or buy. Need proof of where the deposit came from to?
co-founder for dissident creative agency.
4 年Great advice Aga! First time buyers face a number of stressful hurdles without Covid, so I can imagine how much more difficult it can be now. Every first time buyer needs an Aga Gronkiewicz Certs CII (MP and ER)?? ??