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Mortgage Deposit

musing · 2009-05-11 15:16:22

Hey folks have a quick question. I want to get a mortgage. I have 15 k in credit union. Loan of 6k credit card of 7k. Trying to clear some of the card. Meanwhile have found a house I love and want to buy?? Credit union loan the deposit or not and can this be tracked.. hhhhhhhhheeeelpppp:D

11-05-2009 3:16pm

#1

musing

Registered Users, Registered Users 2 Posts: 28 ✭

Join Date: November 2005

Posts: 23

Hey folks have a quick question. I want to get a mortgage. I have 15 k in credit union. Loan of 6k credit card of 7k. Trying to clear some of the card. Meanwhile have found a house I love and want to buy??

Credit union loan the deposit or not and can this be tracked.. hhhhhhhhheeeelpppp:D

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Comments

#2 12-05-2009 1:20pm

musing

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Join Date: November 2005

Posts: 23

anyone at allllllllllllll please advice is needed

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#3 12-05-2009 2:26pm

monkeyfudge

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Moved from Media Interaction forum.

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#4 12-05-2009 2:45pm

silverside

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<snip>

More importantly, if you have practically zero net assets I think its very unwise to take on a mortgage to buy a house in a falling market, let alone have two loans to pay back

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#5 12-05-2009 5:01pm

speakswan

Closed Accounts Posts: 28 ✭

Join Date: March 2009

Posts: 18

I agree with silverside don't borrow the deposit.

First thing transfer your €6k c/card loan to another provider thus availing of an interest free period. Then try to clear the loan as quickly as possible from your income and if not fully paid off by the end of the interest free period then use your savings from CU to finish the loan.

House prices will continue to drop (my guess ) for the next year or so.

You will always find another dream house & probably cheaper in the next 12 months.

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#6 12-05-2009 5:47pm

Toots

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Advising or asking for advice on supplying false information on a loan application is against the Charter

Thread locked.

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