Large Loan- HELP!

ericthefisch

I need to consolidate my (large) outstanding loans into a smaller amount over a longer period. I went to my bank- where I have my largest loan and although they worked out to consolidate all my debts from all lenders would only cost me an extra £5 a month over the loan I have with them - they couldn't help. (Hope that made sense!)

This is because I now have a joint mortgage with my partner, and they have to take into consideration that I pay the entire mortgage every month myself- which doesn't leave enough spare money. This is very unhelpful as I only actually pay half the mortgage each month. My partner pays the other half. The bank manager said there are companies that may consider my circumstances differently and only calculate that I pay half the mortgage and therefore be able to loan me the money.

Can anyone help me find those companies? I want the loan (for around £23,000!!! Yikes) under my name only and not attached to our property. My debts are my debts and nothing to do with my boyfriend! I have an average credit rating, never not paid or defaulted.

PLEASE SOMEONE HELP ME! Thanking you muchly!
Claire
:eek:

Thrugelmir

The mortgage is in joint names. So that debt is jointly and severally liable, irrespective of the actual amount paid towards the mortgage by each of you.

You will find it difficult to obtain an unsecured personal loan for £23k from any lender.

How much equity is there in the house ? As one option would be to take out a secured loan and gift a share of equity to your partner, in a legal form. So that if your relationship was to breakdown. Then the status quo would be maintained.

A secured loan would at least cut the amount of interest you are paying by a considerable sum.

jonesMUFCforever

Is there any way your partner could have a joint personal loan with you?
Then her income would be taken into account - go back to the bank and ask.