Where to get a loan?

weeg

Sorry this may be a bit long.

I'd like to get a personal loan. I applied for one from a 'best buy' table and was turned down. My intention is to consolidate debts, and give the rest to my brother, who's credit is a mess. He would make all the payments.

We've had arrangements like this in the past, and has proven pretty reliable. I wouldn't be considering this if he wasn't in a mess that at least partially not his fault. ( He lost two years paperwork in a fire, and has been given a tax assessment 10k higher than he was expecting). Also it would enable him to pay back mum the money he owes her. I appreciate I'm likely to be advised against this, and believe me I've thought about it. Our arrangements are a little too complicated to go in to here.

The loan I applied for was 20K. My annual salary is 30.5K. Was the amount i asked for just too high? My credit record is good (I was described as being in the top 5% by a mortgage advisor 6 months ago). The fly in the ointment is having had 3 jobs in the past two years (One i left after 6 months as I hated it, 8 months on I was made redundant, 3 months unemployed, back in work 2 months and counting)

My brother and I jointly own a buy- to- let flat, although it's entirely in my name. Current mortgage is for £110k, and the flat has a value of about 185k. Currently paying 2.24% on the mortgage, so not keen to remortgage. Would happily secure loan on this property.

What's the best way for me to approach this, which won't unduly screw my chances of getting a good deal when my current mortgage deal on my home expires in september?

Words of wisdom, please.

Rafter

Too much.

Getting more than about 50% of your salary unsecured will be challenging in current market - even more so if you have only been in your current job for 2 months.

If you said you were earning 60k and had been in your job 2 years I think you might be in with a chance for that much.

Your only option would seem to be some sort of 'further advance' on your mortgage, but not sure you would get one on a buy to let property.

Good luck.

R.

Caroline73_2

Words of Wisdom - don't get credit in your name for someone else to payback, one missed payment and you'll be in trouble.

weeg

Rafter, cheers. Smaller loan it is then. The mortgage company is being wound down - no further advances. That's where the whole thing started.

Caroline, thanks for the advice, but I'm comfortable doing so.

weeg

Another question: Should I spread it over more time to decrease the monthly payment, and hence increase my desirability as a client?