Personal Loan and House Purchase

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lemon1984

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Does anyone know if you can take out a personal loan towards the purchase of a house? Aside from the fact that I know the interest rate will be very high. We would be 25k short for the purchase price for a property and a lot of banks have a minimum mortgage amount of 40-50k.

Can you take out a personal loan and use it to cover the difference? Not asking if we should, just is it possible to do.
 
Thanks, never thought about that. I thought there were penalties for early payback on mortgages. Something to think about anyway.
 
lemon1984 said:
Does anyone know if you can take out a personal loan towards the purchase of a house? Aside from the fact that I know the interest rate will be very high. We would be 25k short for the purchase price for a property and a lot of banks have a minimum mortgage amount of 40-50k.

Can you take out a personal loan and use it to cover the difference? Not asking if we should, just is it possible to do.
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In practice yes but I would tell them the loan is for something else, they won't care provided you make the repayments but officially cannot agree a personal loan for property

Bank of Ireland wouldn't a few years back with me anyway
 
galway_blow_in said:
In practice yes but I would tell them the loan is for something else, they won't care provided you make the repayments but officially cannot agree a personal loan for property

Bank of Ireland wouldn't a few years back with me anyway
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Shouldn't be a problem at the value discussed. 25k would be unsecured lending. The problems arise once security comes into it, as it falls under all the same regulations as a mortgage.
 
RedOnion said:
Shouldn't be a problem at the value discussed. 25k would be unsecured lending. The problems arise once security comes into it, as it falls under all the same regulations as a mortgage.
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With me I waa told at stage one that it was best to go unsecured as the 1% extra interest rate was less costly than paying the banks solicitor, when I then spoke to the person in lending above this, was told they don't offer personal loans for property, no matter how small of a percentage the loan was
 
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