I am getting a mortgage and have been provisionally approved I have to pay 20000 of a deposit but dont have it all but will by the time the house is completed by december (i know that it will probably be after december) is it possible to get a loan now to pay the deposit now without it affecting my ability to get a mortgage. I have a lump sum due later in the year which I could pay off the loan with. or would the timing affect my ability to get a mortgage?
Some of the CUs have now signed up with the ICB so this isn't true of ALL Credit Unions. Search AAM for lots more detail on this.Credit unions work on a different system from banks and therefore any loan from the Credit union will not show up on any credit report.
If you are a member of a credit union, you can get the loan from them. Credit unions work on a different system from banks and therefore any loan from the Credit union will not show up on any credit report. If you are making repayments to a credit union, it may be best to do it in cash at the branch as banks may see a direct debit and deduce that the money is going towards a loan.
If you are not a member of a credit union, you can join and after showing a borrowing pattern and after approx 6 months you can apply for a loan of about twice, depending on the credit union, of what you have in your account.
Have been waiting 2 years for affordable housing now with salary increase and drop in housing prices I can finally afford a place. I currently live with parents who are selling up family home and I can no longer be a burden on them. I have a child and I am a single parent. This house is the last two bed available in a development and is the one within my area at this level ie under 300,000.
The money is a gift from parents once they downsize and each of my siblings are getting same.
If you are not a member of a credit union, you can join and after showing a borrowing pattern and after approx 6 months you can apply for a loan of about twice, depending on the credit union, of what you have in your account.
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