Loaned Deposit Mortgage
We are often asked by clients whether we can help them arrange a mortgage if all or part of their deposit is sourced from a loan such as a personal loan or a loan from a family member.
We work with a number of lenders that are able to consider a loan as all or part deposit for a mortgage providing that both the loan repayments and mortgage repayments remain affordable.
Where all or part of the deposit is provided by means of a loan the lender will normally want a letter confirming:
- The loan amount
- The loan provider and any relationship with the mortgage applicants
- Confirmation that the loan is repayable and the repayment terms e.g. monthly payments
- Confirmation that the lender will have no ongoing interest in the property