best place for unsecured loan

ILW

englishdad wrote: »

I did just that, a google search on the name of the house builder, the words 'sue', 'customer' and 'court' and I couldn't find anything!

If you are correct then it would indeed be a worry but if there is no evidence to support what you are saying then I have to assume it is over reaction...............sorry!

You do realise that the mortgage company can pull their offer at any time up to completion. If that happens after exchange you will not only lose your deposit, but the builder will come after you for all their costs. You may wish to just buy a smaller house.

geoffky

englishdad wrote: »

I did just that, a google search on the name of the house builder, the words 'sue', 'customer' and 'court' and I couldn't find anything!

If you are correct then it would indeed be a worry but if there is no evidence to support what you are saying then I have to assume it is over reaction...............sorry!

http://news.bbc.co.uk/1/hi/northern_ireland/8653714.stm


http://www.manchesterwired.co.uk/news.php/59299-Titanic-apartment-buyers-claim-they-have-no-money

http://www.practicallawyer.co.uk/index.php/component/content/article/914-public/3133-developer-lost-profit


oh dear...:rotfl::rotfl:

zppp

englishdad wrote: »

And another thing....mortgage fraud?? Are you on drugs?? Clearly you don't understand what mortgage fraud is.

The mortgage company will investigate where the money for the deposit came from?????????? What planet are you on?????? They MAY re-check my credit file. That's all! You must have dealt with some dodgy mortgage companies.

Well why are you asking if you know all the answers OP, oh yes, that's because you don't. Ask a question, get the answer and then lay into people why don't you?

Taking credit out to fund a deposit, and trying to hide where the deposit has come from would class as fraud. Why you may ask? Because it would affect your affordability.

Re investigating deposits and people who have had similar ideas, if you think I am joking, read these threads;

https://forums.moneysavingexpert.com/discussion/comment/38120596#Comment_38120596
https://forums.moneysavingexpert.com/discussion/2269821
https://forums.moneysavingexpert.com/discussion/2954578
https://forums.moneysavingexpert.com/discussion/2463241
https://forums.moneysavingexpert.com/discussion/2958234

Regarding the re-checking of your credit file, depends on the lender, but as others have stated in the links above, failing to disclose information could lead to a conviction of mortgage fraud.

laurenjs88

Could someone else in your family not borrow the £9k for you and you both sign a contract paying them the money everymonth? that may not be allowed but tbh i know nothing just a thought? Seems a shame to lose the house...

KingElvis

Argue it anyway you want but taking a personal loan for a deposit is not allowed.

Get a loan, buy a car, sell the car....no idea if that would work but it's better than lying through your tetth where it came from LOL

englishdad

I read the court actions in the above post but this is with a recognised national house builder. They wouldn't want the bad publicity, they'd just sell it to someone else, which is what it's looking like they will have to do. What everybody here doesn't understand (apart from laurenjs88 it seems) whilst they tar me with several types of brush, is that this is a once in a lifetime opportunity. I am buying this house on a government 70%/30% scheme that has now run out of funding and will probably not be offered again for a LONG time. If I lose this, that's it, end of the line, stuck without a mortgaged home ad infinitum!!

I thought about going to carcraft etc to get a car then sell it but dont people get an HPI check nowadays so they would surely see that it had finance on it?????????????

I think I'm getting to the point of losing this anyway because I wasn't confident of getting a loan in the first place (hence my initial request) but if they want to sue me then so be it...

KingElvis

^^ not only that mate, but the car from CrapCraft will end up costing you more than the house :rotfl:

Hax

englishdad wrote: »

If I lose this, that's it, end of the line, stuck without a mortgaged home ad infinitum!!

Not necessarily stuck without one - you'll just end up with more time to save the deposit.

Also, FWIW, you state that you have no other loans/credit cards/etc showing on your credit record:

englishdad wrote: »

I have no other credit at all on my file and I can easily afford the repayments (myincomeis £35K per year).

englishdad wrote: »

I have no loans, no credit cards, no debts, nothing.

That will undoubtedly stand against you should you decide to apply for a loan as you will only get one with a proven history of good credit management.

And as for this line:

englishdad wrote: »

Why on earth would anyone think I am at my borrowing limit?? I have no loans, no credit cards, no debts, nothing. My monthly net income is just short of £2600

A salary of £35K does not equate to a net income of £2600/month - more likely £2150. You need to check your maths.


P.S. Just because the answers people are giving you aren't what you want to hear, it doesn't make them any less correct.

englishdad

My point was that I have no other credit therefore I can easily afford the repayments, I didn't say it would be easy to get a loan hence my original question (which you obviously didn't read)???????

Your £35K salary might not equate to £2600, well, £2692 last month actually but mine does! It isn't my fault you didn't take into account the expenses and bonuses I get EVERY month, but then I'm guessing you don't know all the details of my employment contract.

If people actually answered the question I had asked in the first place instead of attacking it that would be a different matter! Like I said, good job this isn't a health forum!

LMCD

Hi,

I think the fact you have a high deposit already is a good advantage and maybe laying the cards on the table to the builder and agree extra payments in the first so many years to cover the £9k?? do you think this is worth a shot?! with regards to the let down of the loan is there no way you could get the loan at all and pay them back super duper fast?! or get a loan after completion of mortgage once you have moved??