Loan For A Deposit For A House . Just when you thought that you could get the best home loan deal by simply having a lump sum of Speak to an expert before getting a loan for a mortgage deposit Avoid paying LMI; Using a personal loan as a 20% house deposit means you can avoid paying Lenders Mortgage Insurance (LMI) which is usually required when your deposit amount is less than 20% of the property's value
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It is insurance that you pay for, but it covers the bank if you default on your mortgage. Taking out a loan for a mortgage deposit is not ideal, but it may be possible if it's your only option
Why is Home Loan Called A Good Loan? TheBuyt It's vital that you get financial advice before attempting to fund your mortgage deposit with a personal loan. This would mean a 10% deposit of £27,843, or a 5% deposit of £13,921 Most home buyers who use a personal loan to fund their deposit will try to pay off the personal loan first before they make extra repayments to their home loan.
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