This is something we get asked a lot. The answer is yes……sometimes!
Some lenders simply don’t allow it, so check with your Mortgage Adviser if this is what you are planning to do.
When considering your loan application, the mortgage provider will look at a wide range of factors including your credit history, earnings, any other debt servicing costs, or general monthly expenditure that you already have. If you add another personal loan to this, it could mean your application fails on affordability, as this will also be factored in by the lender.
However, there are alternatives to raising deposits on personal loans, starting with borrowing money from family. If that is not an option, you may be able to use a Shared Ownership scheme which requires a much lower deposit. If you fancy getting onto the property ladder by buying a new home, ask if the site is offering the government's First Homes Scheme, another way of reducing your upfront costs.
Remember to take mortgage advice about your deposit by contacting Mortgage Required on 01628 507477 for some initial advice on what might best suit your needs.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”
More borrowers using equity release
5 days ago
Almost one in five equity release mortgages are now taken out to provide financial support to family.
Buyers purchasing properties sooner
7 days ago
According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
What to do just before you get your keys
12 days ago
Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
Landlords could face a new tax this autumn
29 Aug 2025
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.
More information
Trusted by
