Borrowing Deposit from CU — 100% mortgage

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sarahj

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I want to borrow the deposit for house from CU (€10000) House won't be ready until early next year, and we have being approved for a 100% mortgage - are they likely to approve?
 
Re: Borrowing Dep from CU 100% mortgage

A financial advisor told me of this before. Its just a way of getting 2 loans for the one thing. I backed out of the idea as it sounded messy. But I beleive it is very possible.
 
Re: Borrowing Dep from CU 100% mortgage

Is there any chance you can drawdown the deposit from the mortgage? Have you approached the lender to see it this is possible (it isn't in all cases, but I have herad of exceptions). Or ask for a bridging loan?
 
Re: Borrowing Dep from CU 100% mortgage

if you have been approved for 100% mortgage contact your mortgage lender as they will be able to provide the deposit by way of a personal loan until the mortgage issues. The mortgage cheque repays the deposit.

cross post with above.
 
Re: Borrowing Dep from CU 100% mortgage

sarahj said:
we have being approved for a 100% mortgage - are they likely to approve?
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Your mortgage approval lasts 6 months. If 'things' change in 6 months you may not be approved for a 100% mortgage thereafter.

You have 6 months to load yourself with debt you do not appear to require for a year.

You have 6 months during which you will not need to save a penny it seems, either with your mortgage lender or the dopes who run your credit union.

Off with you so, borrow borrow borrow :p
 
Re: Borrowing Dep from CU 100% mortgage

You have 6 months to load yourself with debt you do not appear to require for a year.
Click to expand...

The deposit is likely to be required at signing of contracts, typically 21 days after payment of booking deposit, so they will have to fund this deposit shortly... not as you have stated in a year.
 
Re: Borrowing Deposit from CU — 100% mortgage

Our bank let us drawdown part of our mortgage as our deposit after we had paid our booking deposit . We did not have to get a personal loan from them, so maybe this will be possible for you. We will now pay back 10% of what will be our regular mortgage repayments each month until closing (providing vendor signs..)
 
Re: Borrowing Deposit from CU — 100% mortgage

thanks for the replys. Do need the money now to sign the contracts so decided to go with the CU but didn't tell them it was for house deposit. Going to plough money into the loan and can pay off the rest when we get the cheque back from the solicitor.
 
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