Mortgage or Loan for £19,000

Jeny108

This has caused too much hurt/hate, and i dont have to explain myself to all you narrow minded people, i do have a explaination and no i havn't been working while on benefits

jobbingmusician

How long a period do you need to borrow the money over?

Obviously the best option, if you can afford high repayments, would be to stick as much of this as possible on to 0% CC - or to use 0% CC for living expenses whilst throwing as much as you can at whatever sort of loan you end up with!

I know this doesn't answer your original question* but the loaned amount is so relatively small that you could get a fair % of it on interest free, I would have thought!

*the answer to your original question is to go with whatever form of loan gives you the lowest interest rate. I guess this is likely to be a mortgage....

Jeny108

Thanks for that..

I'm still really confused, i think this is going to take some time for me to figure out before i actually get round to doing anything!!! lol

urm i'm not so sure about going down the cc route i would proberly for get to swap/cancel it!! thanks anyway.

missile

Hi Jenny,

£19,000 may not seem much to some, but I guess it is a lot to you? There are a host of ways in which one could raise it and even more advisors who will be happy to help you.

It really depends on how much you can afford to pay back? This will determine the repayment schedule and length of time required to pay off the loan. Without this info, I would suggest most people would opt for a 25 year mortgage.

libitina_2

And I work my guts out to support my family, why?

mystic_trev

Whats the House worth Jeny? Might be worth paying the £10,000 and mortgage for the rest - then releasing some of the value (later) by getting a loan?

delboypass

Typical way in the UK.
Here I am struggling to afford a house working my guts out 6 days a week, never once taken any benefits and renting.

I should have just sat back and let the Government and all the tax payers pay for me. I take it when you say you cant prove your income it is because it is all benefits or cash in hand....

Why if you are both on benefits, do you have £10,000 in the bank?

Zammo

10K in savings? I thought that benefits were reduced if you have over 6k in the bank. You should be using that money to live off not scrounging off the tax payer and using your 'savings' to buy a house that should by rights be used for someone who genuinely needs it.

stillill_2

what Zammo said.

£10K and "undeclared income" is a lot of money, go and buy a house at market rates and leave council housing to those who need it. And get some morals/stop stealing our tax.

Want me to bend over for you?

Rachman_2

This is the stuff I really object to, taking assets on the cheap that the tenant has not really paid for (council rent is NOT the cost of owning or running a home) - then buying at a discount for the privilege - why ?

Seriously, if you have the ability to save £10K whilst with no declared income or income at a level that you don't want to declare it, why are we paying benefits ? I am sure you may be genuine, but the smell is of working the system - I hope it's not as I work too hard for my money for other people to milk it.

mystic_trev

Have you tried these people for a loan?

http://www.zaskarfilms.com/filmPages/oceanpage.htm