Yes Tim. Just like "instead of paying in cash or debit card, pay by CC so you delay paying for your spending".
In both cases the money didn't "come from" a personal loan. It came from your salary (although you were able to afford it cos you took out a loan to pay for something else).
"Andy Pandy" wrote
Either you *already* have the money to pay for the "fridge etc" (so that you can use it instead on the deposit if you pay for the fridge on CC), or not. Which is it?
"Andy Pandy" wrote
But you can't pay for a deposit *now* with your salary from **next month**!!
"Andy Pandy" wrote
That would mean you *do* have the money already, but choose to pay on CC instead -- in which case your comment "Erm, you don't keep the money onside" above is invalid...
Why do you have such difficulty grasping simple concepts?
You don't take out a loan to pay for your deposit. You take out a loan to pay for "other stuff", and use the money you would have spent on the "other stuff" as your deposit. What the "other stuff" is is irrelavent.
If you don't comprehend, tough s*it cos I'm not explaining it again. Ta ta.
"Andy Pandy" wrote
I don't! You're the one who's getting confused, see below...
"Andy Pandy" wrote
But according to your previous comment, you don't have any money onside that you would have spent on the "other stuff" (see above, you said: "Erm, you don't keep the money onside"), so you don't have it to pay the deposit instead.
However, if you *did* have the money already to buy the "other stuff", but bought the "other stuff" on loan instead, then that transaction is effectively 'neutral' (you owe X but own an asset worth that much to compensate). Using the money (you already have) to pay the deposit should be fine.
But if you take out the loan just to pay the deposit, then that's different because you don't have a corresponding separate asset (other than the house) to offset the loan.
Equally, if you put all your food for several months on CC, and didn't pay it off so that you could save for a deposit instead, then that's equivalent to using a loan to pay the deposit. [Food, being consumable, doesn't leave an asset to offset the loan.] In this case then perhaps yes, you
*should* "declare that debt to the mortgage company"."Andy Pandy" wrote
Could that be because you've noticed your mistake, but you just don't want to own up to it in public? If so, then shame on you!!
But I can't help thinking that you just didn't realise your mistake at all...
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