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
Customers calling us often tell us they are frustrated that although they would be a very good mortgage customer, they are finding it difficult to get a mortgage.
Whatever your situation, we may be able to assist. We specialise in helping clients who have unusual or non-standard requirements. We work with a number of lenders who have a flexible approach to underwriting your mortgage. They will look at your mortgage on a case by case basis and a person will assess your situation rather than a computer.
We appreciate everyone’s particular situation is unique, which is why we look at every enquiry on a case by case basis. We work with both High Street and Specialist lenders and, if necessary, can recommend a lender who will manually assess your mortgage application rather than asking a computer to make a decision. In the current climate, we appreciate that everyone may not “tick all the boxes” for the high street lenders.
If you would like to see whether we can help you raise a mortgage for you on a property, do get in touch for a free no obligation quotation.