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£20,000 loan for a self-employed youngster - impossible?

barksdale
barksdale Posts: 30 Forumite
edited 17 March 2010 at 3:26PM in Loans
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Comments

  • ailuro2
    ailuro2 Posts: 7,540 Forumite
    Part of the Furniture Combo Breaker
    Could you not just take out a personal loan for £14K?:confused:

    Sorry if I've not grasped the concept here, it doesn't have to be a mortgage you have for a home, does it...
    Member of the first Mortgage Free in 3 challenge, no.19
    Balance 19th April '07 = minus £27,640
    Balance 1st November '09 = mortgage paid off with £1903 left over. Title deeds are now ours.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You have answered perfectly your own question!
  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Had a similar idea when I was 21 but never happened.

    To be honest, think you are going to have to wait - in current market your age, self employment etc is just going to lead to a string of application rejects.

    Without someone 'lending' you their credit history you are a bit stuck.

    Would your parents consider a further mortgage/ advance on your inheritance that you could structure like a loan?

    Are you sure you have factored in the cost of fitting out the boat, mooring fees/ heating etc - not as cheap as a flat in some respects.

    Good luck

    R.
    Smile :), it makes people wonder what you have been up to.
  • jimpix12
    jimpix12 Posts: 1,095 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    It depends on how many years of accounts you have?

    And are you 21 or 20? :p
    "The only man who makes money from a gold rush is the one selling the shovels..."
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