The simple answer is yes - you can borrow money for a mortgage deposit.

But there are strict rules and good and bad ways to do it. Let’s take a look.

First of all, it’s worth noting that when a mortgage lender is considering a loan application they will look at a whole load of factors including the applicant’s credit history, the joint earnings of the applicants, any other debt servicing costs or monthly expenditure that you already have and other factors such as your age, your job and your personal circumstances.

If you simply load yourself with a personal loan in order to raise a deposit for your home, this loan will be considered by the lender - so it might be of little help, dependent on your personal circumstances. In fact only a handful of lenders will allow you to borrow your deposit, even if it does fit to their affordability model

There are alternatives.

The first might be to ‘borrow’ money from your parents - if you are lucky enough to have this option. That said, lenders don’t generally like loans for deposits and they’d likely be far more comfortable with a parent formally ‘gifting’ you cash for a deposit. Make sure you take mortgage advice here as lying on your mortgage application when it comes to this sort of thing is a serious criminal offence.

If the Bank of Mum and Dad is not an option, and let’s face it, property prices in and around Maidenhead and the Home Counties are not cheap, then there are Government Schemes to help you buy a property. These come in the form of the Help to Buy Scheme and the Shared Ownership option.

Alternatively, you could take more time and save for a deposit and if you decide to do this you might consider the Help to Buy ISA Scheme which we have written about previously.

If none of the above appeals, you could consider using alternate existing credit facilities either to help you live day to day whilst you save the cash you are not spending or you might play a game of moving credit card debt from one low rate card to another, using the cash as a part of your deposit. This last option is not something we’d recommend in most cases. If money is that tight, perhaps waiting and saving is your best option!

Whichever way you look at it, there are ways to get that home of your dreams, so why not take the first step and contact Mortgage Required on 01628 507477 for some initial advice on what might best suit your needs?

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