Thank you for the response huckster.

That is so frustrating, as I am sure people get mortgages approved who have affordable loans for cars etc.

I have recently finished paying a 6k loan off for a car (paid back over a year)

I could sell the car for 6k which would make up my deposit (plus 5k savings) and I have money in the bank to cover the fees however I was hoping I would not have to go down that route.

AJ

For most mortgages for first time buyers, you will generally need a 10% deposit, plus about £2k to cover fees.

You certainly cannot borrow money from a bank or other credit provider, as such a loan will stop you getting a mortgage. If you need to borrow to fund a deposit, a lot of people use the bank of mum and dad if they can afford to assist. Repay them of course with a little interest.

There may be a few 95% mortgages available, so only a 5% deposit may be required. I understand the Clydesdale were offering these to first time buyers a short while ago. There may be others, so it is worth speaking to a local Independent mortgage broker. Find using http://www.unbiased.co.uk/find-a-mortgage-adviser/

Huckster

Hi,

I have found a house I would like to buy for £110,000. The problem is I only have savings of £5000.

My basic salary/month is £1400 but is ususally more like £1700. My partner's income is around £800.

I would like to keep my savings for house furnishing and security etc. Given my income and the fact that I have no debt and an excellent credit rating, do you think the bank will approve a loan for the deposit and a mortgage at the same time?

All advice would be gratefuly received.