best place for unsecured loan

jonesMUFCforever

In that case screw the builder and get the price down to what you can afford.
Has he got anybody else lined up if you pull the plug on the deal?

englishdad

Hi All

The builder in this case is not one bloke, it's a national house builder so not someone you can talk to! They are already offering freebies which amount to a few thousand pounds but point being that you can't negotiate because it's a massive company and you only ever get to see the sales woman in the sales office!


Getting the house price down to cover a £9K gap in the deposit would mean reducing the cost of the house from £145K to £100K (15% of £100K being the £15K I have already), so that's out of the question.

As far as the building society checking before completion goes, I was told by my financial advisor that they MAY do so. Since I am left with nobody to turn to to borrow money any more it seems that applyingfor a loan and taking the risk might be the only option?????????????

zppp

englishdad wrote: »

Since I am left with nobody to turn to to borrow money any more it seems that applyingfor a loan and taking the risk might be the only option?????????????

Maybe. But it is a risk, and you will be in a mess if you agree to purchase the property, so enter into a contract and have your mortgage funding pulled due to them suspecting mortgage fraud. Could be very costly as you probably know.

paddyrg

englishdad wrote: »

...point being that you can't negotiate because it's a massive company and you only ever get to see the sales woman in the sales office!

Of course you can! If she thinks she's got a sale, then you may not make the sale because of finance, her bonus/commission is at risk. Yes, she'll umm and ahh, but if you ask if there is any way to stage payments maybe she can talk to head office and offer you /something/ I think it's just that none of us here want you to commit thousands of pounds on the offchance the lenders forget/decline to check your credit history! :-D

jonesMUFCforever

englishdad wrote: »

Hi All

The builder in this case is not one bloke, it's a national house builder so not someone you can talk to! They are already offering freebies which amount to a few thousand pounds but point being that you can't negotiate because it's a massive company and you only ever get to see the sales woman in the sales office!


Getting the house price down to cover a £9K gap in the deposit would mean reducing the cost of the house from £145K to £100K (15% of £100K being the £15K I have already), so that's out of the question.

As far as the building society checking before completion goes, I was told by my financial advisor that they MAY do so. Since I am left with nobody to turn to to borrow money any more it seems that applyingfor a loan and taking the risk might be the only option?????????????

I have to conclude that you cannot afford to proceed with this transaction.
Large building companies have for years overpriced their houses to pay for the 'freebies'.
Get an independent valuation before you go any further.

englishdad

quickpix coupons???
betfred?????
mortgage fraud?????

I think a few people are missing the point here.

As far as the value of the house goes, without a shadow of a doubt it isn't overpriced. Judge for yourself. It's a 5 bedroom detached (new) house with single garage and garden in a decent area on a new development. Give me your guesses. It's in the north area of the country, therefore not subject to ridiculous southern prices.

I negotiated hard for free carpets throughout and rear garden landscaping, not to mention a £1000 voucher to spend at a local supermarket!

I understand the risk of the mortgage company looking at my file again but if I have no avenues left then I either give up now or chance my arm and if you had a family relying on you, what would you do???

jonesMUFCforever

Not go in above my head in debt - that will not help you or your family if interest (or should that be when) rates increase.

zppp

englishdad wrote: »

quickpix coupons???
betfred?????
mortgage fraud?????

I think a few people are missing the point here.

As far as the value of the house goes, without a shadow of a doubt it isn't overpriced. Judge for yourself. It's a 5 bedroom detached (new) house with single garage and garden in a decent area on a new development. Give me your guesses. It's in the north area of the country, therefore not subject to ridiculous southern prices.

I negotiated hard for free carpets throughout and rear garden landscaping, not to mention a £1000 voucher to spend at a local supermarket!

I understand the risk of the mortgage company looking at my file again but if I have no avenues left then I either give up now or chance my arm and if you had a family relying on you, what would you do???

Yet again, you have not read the above posts properly. It's not just a matter of the credit scoring, it is also the fact they will investigate the deposit, the source of it, and will require evidence. So, pop along with your bank statement and show them a credit from X lender, this will cause your mortgage deal to fall through. The credit scoring is the other issue, but this is later in the process as explained above.

Sorry if that is not what you want to hear, but that is the way it is - if you want to try and get around the mortgage company then that's up to you, but is likely to be deemed as mortgage fraud.

_Andy_

Usual scenario - person asks for advice, doesn't like the answer, fights back etc.
Genius.

2010nodebt

35K SALARY MEANS YOU ARE AT THE TOP end of your borrowing limits on the mortgage , then you are wanting to pay off a loan.

In the north there are cheap houses in decent areas , that you can afford on a 35k salary, because certainly your 130k mortgage will mean you living on bread and jam.