Blackhorse Secured Loan - Employment details

pezzap

Hi All,

I have a question re Blackhorse secured loans.

My mum is about to apply for a secured loan with Blackhorse, she meets the LTV criteria (they ask for the loan + mortgage to be no more than 80%, hers will be 65%) and has good credit history.

The only issue she may have would be the 'employment details' as she is currently unemployed due to redundancy. My questions is what sort of questions do they ask as i would have thought that the employment part is less important with secured loans?

Could we do a joint application (although the house is in her name only) as i am employed on a good salary?

Thanks

BigBother

Hi I would advise against any mortgage in your situation! Don't do it! It may seem like an answer to your problems but it just stores up trouble later on. Blackhorse are part of LLoydsTSB BTW.

jonesMUFCforever

To do what you want they might want you to be on the mortgage full stop. I can't see anybody lending to her if she is unemployed.

pezzap

The secured loan is the final option... every other possible avenue has been pursued. Are you able to help me with the questions i asked?

Thanks

_Andy_

She's unemployed so the loan will be a straight decline.

pezzap

but if we done a joint application would the fact that i am employed solve that issue? so i would be the one with the income and she would be the one with the equity in the property. we both have good credit records.

CLAPTON

you have given very little detail .. how much are you applying for , what's your salary, what's the money for, who will be making the repayments (as your mother appears to have no income)

why don't you apply for a loan for yourself and give the money to your mother?

_Andy_

pezzap wrote: »

but if we done a joint application would the fact that i am employed solve that issue?

Have you asked Black Horse?