Loan for Deposit

[debs_70]

I have been trying to save for a deposit to buy a flat, I am about 3,500 short and its just getting harder and harder to get to �10,000.

I have access to a personal loan from barclays which I have not used before, is it worth taking 3,500 personal loan from the bank to add to my deposit so i can buy my flat?

Any advise on this would be great. Thx

[Loosehead]

No hang on, save hard, wait for the crash and get in cheap! House prices are 30% over valued at the moment there will be a correction at some point no one can say when but there will be. Now you'd be gutted if you bought a flat for 100K and it dropped to 70k wouldn't you? How much a month would 3500 cost you? Keep adding that and whatever else you can save to your savings and you'll soon get there. Make sure you are in the highest saving account you can find and stick with it, good luck.

[Hammer]

I agree I'm afraid. Taking out a debt in order to get another debt is never a good idea. Save what you would have been paying back to Barclays and you'll get there soon enough.

The mortgage company will do a credit check anyway and see that you've borrowed a substantial amount recently, and they don't like this. Best to wait and save I'm afraid.

[WoWo]

Hammer is correct, when you apply for a mortgage they take all you financial commitments into account. They then reduce the amount you can mortgage for accordingly.

[twiglet4frog]

go through all your old videos and cds and find all the ones u arent wanting to watch anymore, same with dvds and any good working electrical items u dont want or use much now and take them to a cash converters if there is one nearu, it wont make much but u might have a few quid from it and might give u encouragement u are getting somewhere when at the moment u feel a bit flat (scuse the pun)