The nervous wait to exchange....

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ci_newman said:
That's pushing it a bit, exchange usually happens 10 days before completion to give everyone time to get movers etc sorted.

If you haven't exchanged today / tomorrow, I'd be surprised to get a completion this month.

Maybe they meant end of November?
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The exact words from the email "I would hope completion will be able to take place this month". I'm a first time buyer so absolutely no experience here. We shall just have to wait and see what actually happens.
 
Bit of a dilemma and a grey area anyone been in a similar situation

Cash buyer but with prices still moving up we are now roughly 20k short, mortgage advisor has suggested taking a personal loan which I can get at a low APR but this seems to be against all loan companies terms and is classed as fraud if used to buy a property.

So the question is would a solicitor question the loan and its intended use when purchasing a property or any other options might just have to save more money and sit the market out for a while.
 
Dutch777 said:
Bit of a dilemma and a grey area anyone been in a similar situation

Cash buyer but with prices still moving up we are now roughly 20k short, mortgage advisor has suggested taking a personal loan which I can get at a low APR but this seems to be against all loan companies terms and is classed as fraud if used to buy a property.

So the question is would a solicitor question the loan and its intended use when purchasing a property or any other options might just have to save more money and sit the market out for a while.
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Could you not take a mortgage? That's what you call a loan to buy a house surely.
 
Dutch777 said:
The mortgage advisor didn't seem to want to entertain it on the amount maybe because I only need it over 3 years or something else?
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There is nothing fraudulent about using a personal loan in the way that you have described, I am not sure why you have been told that?

The advice which you were given would perhaps apply to using a personal loan as a down payment, if using it to gain extra leverage against the knowledge of the mortgage lender, but that is not what you propose at all?
 
Jez said:
There is nothing fraudulent about using a personal loan in the way that you have described, I am not sure why you have been told that?

The advice which you were given would perhaps apply to using a personal loan as a down payment, if using it to gain extra leverage against the knowledge of the mortgage lender, but that is not what you propose at all?
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I think the fraud comment only applies if you take the loan for say a car and then later default on it if they then found out you had used it for something else.

Barclays state a personal loan can not be used for: Business reasons, Investments, including buying stocks and shares, Timeshares, Purchasing property (home improvements are fine), Gambling-related expenses, Repaying CCJs (County Court Judgments), A purchase made by combining this loan with any others

The Santander one below mentions property (uk and abroad) unless I am reading it wrong

A Personal Loan from Santander can be used for a wide range of purposes, however we are unable to lend for certain purposes including house deposit, bridging negative equity, property (UK and abroad), land (i.e. for parking space, investment or business), household bills, living expenses, CSA payments, personal tax bills, time share, stocks and shares, gambling, borrowing on behalf of a third party (unless given as a genuine ‘gift’), equity transfer, capital raising and any business purpose. There could be other lending options available to you that you may wish to consider, please speak to a member of staff for more information.
 
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Those are the terms of those lenders, would your advisor (who suggested it) not be able to advise on suitable unsecured products? There is nothing in law against this :)
 
Take the loan to buy a car, change in circumstances buy a house. Don't overthink it, it isn't like you're buying magic beans.
 
dLockers said:
Take the loan to buy a car, change in circumstances buy a house. Don't overthink it, it isn't like you're buying magic beans.
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Makes sense cant see a solicitor questioning it really as the loan agreement doesn't state what the loan was for, If you purchased a car and sold it the next week I doubt they would want the loan back :D
 
Mortgages start at 40k, so if you need less you need a suitable loan. The type of which the mortgage advisor should be able to help with.

It's only an issue really if your taking a mortgage and a loan.
 
Dutch777 said:
Makes sense cant see a solicitor questioning it really as the loan agreement doesn't state what the loan was for, If you purchased a car and sold it the next week I doubt they would want the loan back :D
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For sure... the whole system is rigged with unneccesary and unenforceable statements. I remember telling my mortgage broker about how I fiddle all of the credit card/bank account offers so you'll see cash flying around everywhere. They insisted I cleared my £20k+ of revolving credit card debt (work expenses, stoozing etc).... I asked them when they'd check I'd cleared it... they said never it is just a promise that you will... :rolleyes:
 
Aren't these Ts & Cs in this area just 'if you get caught' by that if you defaulted and they found you'd been using it for gambling.

They don't really care if they are being paid back. It's only if you slipped into issues whilst breaking thier terms?

They aren't ever going to check.

How else would you buy a new home if you couldn't take out any form of credit?
 
413x said:
Aren't these Ts & Cs in this area just 'if you get caught' by that if you defaulted and they found you'd been using it for gambling.

They don't really care if they are being paid back. It's only if you slipped into issues whilst breaking thier terms?

They aren't ever going to check.

How else would you buy a new home if you couldn't take out any form of credit?
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He said he's a cash buyer. But the extra 20k added took him over. Hence the need for a loan.

Mortgage advisors will know suitable loans.
 
Dutch777 said:
Makes sense cant see a solicitor questioning it really as the loan agreement doesn't state what the loan was for, If you purchased a car and sold it the next week I doubt they would want the loan back :D
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I've had clients use both credit cards and personal loans towards purchases. Pretty straight forward
 
I've hit a brick wall now, everyone said that houses take forever to move on.

Offer got accepted and negotiation around solicitors was quick, it now seems to be taking forever to answers back.

I'm ready to instruct surveys and electrical inspections and just getting nowhere :(
 
ci_newman said:
That's pushing it a bit, exchange usually happens 10 days before completion to give everyone time to get movers etc sorted.

If you haven't exchanged today / tomorrow, I'd be surprised to get a completion this month.

Maybe they meant end of November?
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My solicitor messed up a bit, but we exchanged and completed same day. We didn't know for certain if we were definitely moving 2 days before the move.
 
Hyburnate said:
Offer got accepted and negotiation around solicitors was quick, it now seems to be taking forever to answers back.
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When we were buying before the stamp duty deadline, we had a lot of success speaking to the selling agent to contact the sellers themselves. The sellers can then chase up their solicitor, because at the end of the day it's undoubtably a delay from them.
 
Just a quick question if anyone knows...

As a cash buyer, once a price is agreed and offer accepted, if you were to be gazumped but have already paid a conveyancer and a surveyor, do you just have to accept the loss?
 
ci_newman said:
That's pushing it a bit, exchange usually happens 10 days before completion to give everyone time to get movers etc sorted.

If you haven't exchanged today / tomorrow, I'd be surprised to get a completion this month.

Maybe they meant end of November?
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Got a completion date today for 5th November, contracts should hopefully be exchanged by the end of this week :)
 
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