The answer to this is surprisingly yes!
Most lenders do not like that you are thinking about borrowing the deposit. The rationale is that you are increasing the likelihood of you defaulting as you are increasing your debt to income ratio. It does not matter to them that the borrowing will be unsecured.
There is however one lender at the moment which take a more practical view.
They will look at all of your debt both secured and unsecured when they work out whether they are going to lend to you. What they have said is that if you pass the affordability checks with them ie. you have enough income to pass their affordability tests then they have no great problem in you getting an unsecured loan to purchase the property.
Let's be clear though.
Your credit score will have to be pristine. If there are blips in that credit report of yours then the chances of the lender being prepared to give you a mortgage will be dramatically reduced. The risk will be too great for them.
If you need a hand with the deposit and would like to know which lender is prepared to play ball then give us a buzz.
Call Johnny - Start packing!
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