Are you wanting to get on the property ladder but have no or little deposit? Some lenders allow you to use a personal loan as a deposit in order to purchase a property? Have a listen to the 60 second clip and if you need to know more get in touch via email hello@patrickjamessolutions.co.uk Your home may be repossessed if you do not keep up repayments on your mortgage.
Welcome to today’s 60-second snippet into the mortgage world and today’s subject is using a personal loan as a deposit to purchase a property. I bet a lot of people thought that that wasn’t possible. Even as advisors when this criteria was announced or we were given the information from the lenders that this was in fact feasible were surprised ourselves. Obviously this is down to your criteria and your affordability but it is something that you can do. There are a very limited number of lenders that will acknowledge a loan as a source of deposit but there are lenders out there that will accept this form as a deposit so there’s people there that don’t have a deposit available don’t have savings but potentially could afford to buy their own home and without speaking to an advisor that can look at those lenders work on you affordably you will never know.