On the wagon - but struggling

depressed_of_lincolnshire

Okay discovered this site back in April - took evasive action and behaved since then. I understand the rules now and have cut back and shaved expenses to the bone. My second business is starting to take off but not quite there yet.

I am totally P**d off that I am not making headwind. I am not going backwards but I need to progress.

Here's the catch 22 - in an ideal world I would like to borrow about £25k over 10 years max. The intention being to pay that off early. I only have 3.5 years left on my mortgage and that will then free up £600 pm. The £25k will consolidate existing loans and leave me a small bit of capital to move the second business on.

I have about £160k of equity (Realistic prices not stupid prices)

can I get anyone to lend me any bl**dy money - no! I have an excellent credit rating - never defaulted on anything

It seems the only way to get any money would be to take a pair of twin purdeys out of the boot of the car and put on an east end accent and pay my local bank a visit!! (Joke before any budding poirots come looking for me - I'm about 4 stone wet through!)

I can see the way out but the door is slammed.

Any suggestions apart from a loan shark?

Thanks

hypno06

Hi and welcome, the first thing to do would be to put up your SOA (see the sticky at the top of the board for new posters) and put in all your details - we can then come up with some ideas for you.

tyllwyd

I don't think lenders usually do unsecured loans of that amount over that timescale (although someone please correct me if I'm wrong).

When you say you only have three more years on your mortgage, is that three years until your current deal runs out, or three years to pay it off completely?

If it is three years to pay it off completely, the cheapest option might be to remortgage to include this debt - you don't have to remortgage over 25 years, you could do it over 10 years. It's not ideal turning unsecured debt into secured, but it is a lot better than going to a sub-prime lender who will charge you a fortune in interest, or ending up with CCJs etc.

ajaney

Have you actually got your credit files from the credit referencing agencies to make absolutely sure that they are sparkly clean?

Have you had credit in the past? (sometimes a lack of credit can e a problem)

25k is the top amount advertised by lenders of unsecured loans. A secured loan would probably be easier to get but carries risk.

Are you in a fixed rate on the mortgage - I wonder if an offset account would be of use to you?

from a fellow Lincolnshire dweller!