UK Landlord Forum / Life

Major difficulty im having is that I want to take 20k loan for a deposit.... would this work? Unsure yet whether will go personal or ltd but if its a loan to starr a business isnt a viable option?

I already pay into an account £1000 a month repaying a deposit for my own home to my parents... ( nearly done )got 15k in it
If I took a 20k loan and put this into the same account 3 months before applying for mortgage. ....I then have with 3months banks statements showing £1000  a month 'savings' and a deposit of 35k thats steadily built.....will this be acceptable.??

P.s thank you all for any responses fully appreciated

If you are planning not to declare these liabilities technically you are lying to the Mortgage company.

It happens, and worse things happen at Sea, but the rules on this are there for a reason, it means there is a higher risk of  it going Tits up.#sorry.

I for one sitting in my Ivory Tower, would never  countenance such belligerence.

The decision is yours.

Yes I know this part. Its just I know im a good lend.... repaid a 30k loan in 3 years already, wife and i are high earners with insurances....but if I were to save for a deposit id be delaying my business by 2 - 3 years. Im already 2 - 3 years behind and if I dont start this year it wont be right in terms of house pricing and interest rates etc for a while.

Should the mortgage company lend on this basis and then its just the what ifs, they found out  etc?

Are you a high earner? Pay 40% tax do you?

Interesting.

As I say mate, it's wrong, so is dogging, but people still do it, who are we to say whether you should lie or not.

Anyway, got to go and clean the mud of me mud flaps, some of these car parks are a disgrace!

Yes both 40% tax for our sins! 89k per annum combined and both under 27 with no qualifications or uni...just hard working and determination. ...now want to put it towards our future !

I know its my choice and appreciate all views just want to understand if the plan is enough to work if I chose to go ahead...cheers

Good for you.

My Dad's advice, which I have stuck too, well I do that allot, as he's very clever, except he often forgets his own advice.

"Keep your own council"

i.e. if you plan on doing this, and it's right for you, don't talk about it, or ask for advice on public forums.

Life is not black and white, it's a vignette of very dull greys.

Wise advice thankyou