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.
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Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
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