Loan seeker with Shared Ownership

charlievwp

I am a shared ownership home owner trying to search for a loan.
I have 40% share in my property with a mortgage.
It is proving somewhat difficult to find a lender to help me without the APR shooting through the roof!
Can anyone suggest a competitive lender?
Many thanks

jonesMUFCforever

What type of loan are you looking for - personal or secured/mortgage?

charlievwp

anything!!
I'm considering using credit card instead - pending research....
(0% BT)

jonesMUFCforever

Sorry not enough information to give you any useful advice.

charlievwp

what information do you need?

jonesMUFCforever

What you need the money for, amounts you are looking for, whether your credit history is clean, whether you think you can afford the repayments?
What have you been offered?

charlievwp

I initially wanted lower repayments each month on my personal loan but my bank were unable to offer me the same rate again.
The settlement figure is £12,000
My credit history is clean
I have been looking for a personal loan with repayments of approx £180 a month over 10 years.
Many places I have requested quotes from will only allow 5-7 years max or their rates shoot up high.
MoneySupermarket search screen details firstplus at £178 a month/10 years however they have said they cannot secure against a shared ownership property.
I could budget around £200 a month.
MAny Thanks

jonesMUFCforever

You will struggle - the best rates for £10k are for 5 years on a personal loan, slightly worse are the rates for 7 years.
Not many companies offer unsecured loans over 10 years.

How much are you paying now and what is the APR?

charlievwp

Thanks for the advice - i'm all sorted now!!

Managed to get a £12k loan over period of 8 years for £167 a month at 7.9% with Abbey.

Bit of a tip for anyone with a similar situation....if you're going for a loan over the phone with the Abbey, make sure you ask the question "would I get it cheaper applying online?" ...as soon as you do, they adjust your quote to a lower APR.
Mine dropped from 10.4% to 7.9% :j

Good luck people and thanks again!

jonesMUFCforever

charlievwp wrote: »

Thanks for the advice - i'm all sorted now!!

Managed to get a £12k loan over period of 8 years for £167 a month at 7.9% with Abbey.

Bit of a tip for anyone with a similar situation....if you're going for a loan over the phone with the Abbey, make sure you ask the question "would I get it cheaper applying online?" ...as soon as you do, they adjust your quote to a lower APR.
Mine dropped from 10.4% to 7.9% :j

Good luck people and thanks again!

In today's market that is a good rate. Well done.