Where to get an unsecured loan.. not so great credit rating?

tricksterdude

Hi there, Im looking for a bit of advice.

I recently applied to buy my council flat which has been valued at £32000. The council have offered me it for £12500. Unfortunately, though, its a Whitson Fairhurst type build which has been declared as defective by the Scottish Government. There is only one company that gives out mortgages for these types of property but the property needs to be valued at a minimum of £75000, so that scratches them out.

My credit rating hasn't been the best in the past but it is improving. My bank is now offering me a platinum credit card and I can take out contracts on mobile phones. Small steps, I know, but its a start.

I pay £240 a month rent. I reckon that if I could get a loan of £18000 overten years, I could buy my flat and clear my debts ans still not be paying more than I am just now in rent. I can afford slightly more ie £300 a month.

Can any one suggest somewhere to get a loan where I wont be shafted or let me know what my options are?

Thanks

hullight

You would not get an unsecured load for £18000 unless you were earning megabucks, and that's not even taking into account your relatively poor credit worthiness.

Sorry for being so blunt.

tricksterdude

no problem. Would having a guarantor make a difference?

hullight

I think that depends how rich they are.

samhuzz

They've offered it to you for 12k? If so, wow! Although don't most mortgage companies only lend 25k and above? How much is the limit on the credit card that you were offered? Surely your credit rating isn't that bad if you're being offered stuff like that? I know they'd never offer me stuff like that and mine is truly bad!

tricksterdude

Yeah, £12497.97 to be exact lol. Its a three bedroom flat and I could make a some money out of it, when i move in with my fiancee later this year, by letting it out.

I've been offered £2000 on a credit card from RBS who I've banked with for years. Started off using a Vanquis card six months ago and paid every household bill on it weekly, rent, gas, electricity, phone, petrol, food etc.. pay it on the card then pay back the card instantly online from my bank account.

Think I need to speak to my parents about helping me get a loan...41 years old and having to go to mum and dad... the shame!! lol