Is it a good idea to take out a loan for the purpose of having a 5% deposit to put down on buying a house?? I have a mortgage agreed up to 95% and am desperately thinking of ways to get round the fact I have no deposit? I wondered if a loan for this purpose was a bad idea? I was thinking of paying it off in 2 years after doing up the house and selling it on. What do we think kids???
2006-06-19 04:29:00 · 2 answers · asked by Sazzyj C 1 in Business & Finance ➔ Personal Finance
You could get a loan with a low % down or no down payment. Only thing is, your APR could be a little higher.
2006-06-19 04:33:46 · answer #1 · answered by Halo 5 · 0⤊ 0⤋
no its not a bad idea , how elts are you going to get the downpayment for the house? unless you have other sources you pretty much have no choice if you want that house bad enough
2006-06-19 11:45:48 · answer #2 · answered by jojo 6 · 0⤊ 0⤋