Hi there,
I have a hypothetical question for you all. Is it possible to borrow the deposit you need from someone then give it back once the mortgage has been approved?
Just say I saw a house that needed some work. I could buy it for €50k and it needs maybe another €50k - €70k worth of work. So I potentially need €120k but could do it for €100k. Could I get someone to put €20k in my bank account as a deposit and once I get the €100k mortgage, give them their €20k back?
There's a lovely little house going to be coming up for sale soon near where I live and I'd love to buy it, but I don't have time to save the deposit needed which is why I'm querying the above.
Any advice gratefully received....