best place for unsecured loan

andy.m_2

whats the point in getting angry?
It serves no sensible purpose.

LMCD

andy.m wrote: »

whats the point in getting angry?
It serves no sensible purpose.

it relieves inbuilt emotion and fustration - once the outburst/anger is out the way, the ability to deal with the scenario then kicks in..


its a human reaction.. you just need to pick whats worth gettin angry about and we all have different levels of tolerance to certain situations.


that is all.

ILW

andy.m wrote: »

whats the point in getting angry?
It serves no sensible purpose.

Yes it bloody does fvckface.

KingElvis

I get angry about most things including toasty topper and small dogs.

Hax

LMCD wrote: »

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?!

It's the loan ratio that needs to be amended - and quite substantially too. The house is valued at, say £150,000. For ease with the figures, lets say the OP needs 10% deposit and can get the remaining 90% on mortgage. So, the OP needs £15K deposit and only has £6K (they are £9K short). Therefore, with £6K for a 10% deposit, the largest mortgage they could get is £54K - leaving them a long way short of the £150K asking price.

So, if the OP wanted to go for the £150K house with a £6K deposit, they'd need to find a lender willing to give them a 96% mortgage. And then there are all the associated costs to add on top of that.

englishdad

With this talk of deposits and mortgage levels I should point out that this 'purchase' has been going on for almost 1 year now and back in March 2010 when I did the initial mortgage application, it was approved at 5%(!!!), but because the house wasn't built yet and the offer only lasts 90 days I had to apply again 6 months later. On the basis that I had been approved I paid my deposit and started down this path. I applied again with the same old me, same situation, same income, absolutely NO CHANGE whatsoever and this time it wasn't approved at 5% but a staggering 20%. I then tried a second company and they would only go down to 15%. Hence my position.

To this day the 2 financial advisors I have been in touch with have no idea why, even after talking to the mortgage company. The best reason we got was that the lending criteria had changed but that couldn't be confirmed.

lionelator

I think, englishdad, you're taking out your frustration on people who are trying to help here.
You ask about a loan for a deposit on a house and people advise you its a bad idea.
You get upset. Whats the point in asking?
I'll tell you too, its virtually 99% unlikely to work. You laugh off suggestions of mortgage fraud and lenders looking into how and when you got your deposit, I completed on a house in November 2010, mortgage with HSBC, they asked to justify where my money for the deposit came from, and as some of the money was transferred in prior to purchasing the house, they wanted clearcut evidence that the money had been in my name in an overseas account, or an explanation for where the money came from. So when 9k shows up in your account out of the blue, you think they may see that as suspicious? If they ask you, what do you say? Lie? Then youre in pretty deep arent you?
So if you take the risk, either they decline you based on the deposit being made up through a loan, which is not allowed, as its basically not an 85% mortgage is it, as your actual saved deposit is less than 15%, and borrowed amount is more than 85%.
Or you somehow scrape through the deposit check, and then you get caught up just prior to completion, and if they find out that you had borrowed money for the deposit and not admitted it, that would be justification for them to pull the mortgage as you had been less than honest, leaving you in a very difficult position with the builder, which would in turn leave you up the proverbial creek.
If you cant see that people are trying to help you here then really youre not looking properly.
As for affordability, someone thought theyd offer you some advice, maybe not on the topic you asked for, but just to point out lenders points of view, ie that affordability would be a consideration. If you say your salary is 35k pa and then berate people when theyre stupid enough to not know you receive bonuses you never mention and income from a partner you never mentioned which takes your take home pay well above that figure, then I dont think youre thinking very clearly. Its a moneysaving forum, not a psychic forum.
Statements like once in a lifetime opportunity, provide for your family etc, all also sound like overdramatisation. You can provide for your family perfectly well in rented if you have not been able to save up a deposit, lots of people do. People rushing into 'once-in-a-lifetime- opportunities' usually regret their impulsiveness later, and thats where decent advice before jumping comes in handy.
And finally, from my understanding, you can negotiate with big builders. There is still a lot of room to play with numbers as they are also going through a tough time. Based on your statements that you cannot negotiate with national building companies and that a small builder is more likely to take you to court rather than a big builder as 'they wouldnt want the publicity', I think youre being a bit naive here.
Think long and hard of the consequences of what you do, and dont get carried away thinking nothing better will ever come along, thats my advice, which you can take or leave.