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Help with getting a loan

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Comments

  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    spam reported
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • cirrus1007
    cirrus1007 Posts: 29 Forumite
    Not possible. I want to trade my current car worth approx £3500 for a car worth circa £8k. I do lots of miles and a £500 banger will not last a month. My deafault was big yes, but the bank were not really helpful. I fell into arears with a loan 3 yrs ago by 6 months and was due some cash from a probate case but the bank were not willing to help or wait so they issued a default. I just thoughts that there would be a way to raise cash against tone of my houses that has no mortgage. The bank agreed to let me borrow £15,000 secured on the house but I only need £5k
  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    cirrus1007 wrote: »
    The bank agreed to let me borrow £15,000 secured on the house but I only need £5k

    5k may not be worth it for them (profit wise) for the legal costs of taking security.

    Am confused tho. Borrow the 15k, use 5k, pay back the 10 immediately. What am i missing? So long as you get a flexible loan you are ok.
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • cirrus1007
    cirrus1007 Posts: 29 Forumite
    Lol - don't think you are missing anything - just wasn't sure if there would be a penalty clause if I paid a lump sum back early.
  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    cirrus1007 wrote: »
    Lol - don't think you are missing anything - just wasn't sure if there would be a penalty clause if I paid a lump sum back early.

    depends entirely on the type of loan...
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • ILW
    ILW Posts: 18,333 Forumite
    Emmzi wrote: »
    5k may not be worth it for them (profit wise) for the legal costs of taking security.

    Am confused tho. Borrow the 15k, use 5k, pay back the 10 immediately. What am i missing? So long as you get a flexible loan you are ok.

    Or buy a 20k car and impress your friends.
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