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Bank to fund a house deposit ?

Rebel1977 · 2015-03-13 18:40:03

My brother in law has been behind in his mortgage repayments for a couple of years, he is looking to sell his house and purchase a new house for a smaller amount, he is not in negative equity but with the sale proceeds and from what he has said he owes he would expect to have maybe 130k left over, house he is looking at…

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13-03-2015 7:40pm

#1

Rebel1977

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My brother in law has been behind in his mortgage repayments for a couple of years, he is looking to sell his house and purchase a new house for a smaller amount, he is not in negative equity but with the sale proceeds and from what he has said he owes he would expect to have maybe 130k left over, house he is looking at will cost about 90k. he wants to purchase a smaller house for a lot less but he does not have the deposit to put on this new house he has asked the bank to 'help' him fund the deposit in lieu of the sale of his house to enable him put a deposit down on this new house. But as you would expect they can't do anything as he has to fund his own deposit, we have offered him half the deposit but he is adamant the Bank should 'help' with his deposit as he is doing them a favour [his words] by getting rid of the tracker mortgage!!, he said he heard it has been done, has anyone come across this situation before ?

Reading between the lines I doubt he would be be in a position to get a loan from any Bank for a loan as I assume he is listed on the credit bureau for being behind on his mortages payments.

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