best place for unsecured loan

Hax

englishdad wrote: »

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)???????

Yes, I did read it - and was simply saying that getting a £9K loan without any proven history is going to be hard. Best place to try is your bank.

englishdad wrote: »

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.

Expenses can't count as income as they are reimbursement for money you've already paid out. Bonus - fair enough - I wasn't to know that you weren't including them in your £35K salary. My point was that a £35K salary does NOT equate to a net monthly income of £2600!

englishdad wrote: »

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!

No-one is attacking - people are trying to provide objective and helpful advice. However, you're ungrateful that they've taken time out of their day to try and help you because the advice they've given isn't what you wanted to hear, you're getting the hump with them.

LMCD - the point is that in order for the OP to secure their mortgage, they need the full deposit. Without it, they won't get the mortgage - it's not about satisfying the builder, it's about satisfying their bank's requirements.

2010nodebt

Why not try it , apply to a lender for the 9k , then try and do the deal , if it falls flat , then simply repay the 9k loan immediately , it will cost you a few hundred to do this , IMO worth the risk .

If you are left with 1800 after mortgage payments , then 9k loan payments of say 200 , council tax on a 5 bedder will be the best part of 200 , heating a 5 bedder best part of 100 a month , you end up with only 1300 a month to live on . then in 2 years once rates go up on your mortgage , it wil not be such a good deal.

This is how the credit crunch started on the first place .

Good luck anyway , myself and others have only been trying to save you from yourself.

KingElvis

Why not just cut all the nonsense and squat in there, it'll take ages for them to get you out?

englishdad

I would talk to the builder if it were one person but it's a national company and I don't think you can negotiate because you can't speak to them face to face unfortunately!

I'm not being ungrateful by the way, it's just that people are jumping to conclusions without knowing me or my circumstances, or indeed all the facts! Take your comment for example about my salary. You didn't know and therefore made an assumption. I stated my basic salary only because as you say the affordability and mortgage are based on that alone and nothing else. The ACTUAL affordability calculation as far as real life goes would involve the salary of my wife even though it is me alone that is buying the house. When you include that our household income is around £800 net per week.

Taking the mortgage at £800, the loan at £150 and council tax at £150, then adding £100 for energy, another £100 for insurances and possibly another £100 for other utilities along with a £1000 supermarket bill (over estimate probably), I make that an approximate disposable of £1100 per month. I see nothing wrong with that.

Now take into account the 2 options for the mortgage that were offered to me. The first at £800 over 20 years and the second at £960 over 15 years. I passed the affordability on both therefore the mortgage company think I can afford £960 per month. Using the 20 year option and a loan would be £950. Much of a muchness and still affordable!

Peelerfart

Why can't your good lady,which we didn't know about, get the loan ?

englishdad

That was a thought but she has a poor credit rating which of course reflects on me, however she is not associated with me on my credit file with Equifax, only on Experian (which it seems everybody uses!). Initially that was a last resort but now all this has erupted it might be the only way!

Peelerfart

englishdad wrote: »

That was a thought but she has a poor credit rating which of course reflects on me, however she is not associated with me on my credit file with Equifax, only on Experian (which it seems everybody uses!). Initially that was a last resort but now all this has erupted it might be the only way!

Got to be worth a shout englishdad ! Is the best idea so far I think.


(Well apart from the squatting)

KingElvis

Peelerfart wrote: »

Got to be worth a shout englishdad ! Is the best idea so far I think.


(Well apart from the squatting)

I still think that option should be under serious consideration :rotfl:

englishdad

I can't squat yet, it isn't built completely and I'd be a fussy squatter!!

LMCD

LMCD - the point is that in order for the OP to secure their mortgage, they need the full deposit. Without it, they won't get the mortgage - it's not about satisfying the builder, it's about satisfying their bank's requirements

I take on board your comments but would it not then be that the amount needed to be borrowed from the bank was then amended?!

anyway am not high up clued on this as some but was just a passing thought.. hope you get something english dad - must be infuriating knowing that your dream is only a few k away!

which reminds me..must put on euromillions!!