B&Q Decined kitchen loan, why could this be?

pupping

Hi, B&Q have decline a loan for a kitchen today. Really dissapointed. I don't know why though which is the worst part, you have to apply in writing for a reason which i've done, but now just waiting.

Bascially I earn 33k I have a joint mortgage of about 130k with my partner, payments are 700.00 a month have never missed a payment. I had a car loan for 12k over three years which end in August, almost cleared that, have a HSBC credit card with a 10k limit have about 1.5k on that, have never had any problems before getting credit and never missed a payment, nothing has changed as far as i know, B&Q wanted a 10% deposit which i have its only about £700.00 and the loan was for 6500.00 over 5 years payments were about £100.00 a monh no more than that.

All I can think is that they think the mortgage is all mine, when infact its joint?

Just worrying about this now so wondered if anyone out there with experience of these things could offer advice until I find out why for sure?

Will this go as black mark against my name?

thanks forany advic, don't knw where else to turn.
:rotfl:

slummymummyof3

Perhaps they think you already have too much available credit. Have you considered reducing your credit card limit? Perhaps if you do that and wait until your car loan is finished before you try again???

pupping

Yeah I didn't think about that credit card limit, i'd never use it, it was just gven to me, i don't know why! Yeah I know i should wait until the car loan has gone, but it was such a good offer! I guess theres still hope, will just have to wait a few months, i guess they can't see the car loan is almost finished, they probably think i have all that loan outstanding :-(

lawrie28

I'd look around before sending 6.5k on a kitchen at b+q!

ILW

I bought a B & Q kitchen 7 or 8 years ago. Cost £600.

sharpy2010

Why not just put the cost of the kitchen on the credit card? That way, you know you've got the credit available and waiting :-)

Malky

Don't know how big your kitchen is but I've been pricing for an L shape in a room 3.6m x 4.0m and I'm under £3K including all white goods.
£6.5K is way too much IMO but each to their own.

slummymummyof3

Malky, we have just bought a kitchen for about £5.5k - but that is purely cupboards. There are plenty of ways to buy a kitchen more cheaply but different people have different budgets and different expectations. We wanted something that gave the wow factor to our kitchen - maybe the op had similar ideas.

A few ideas to reduce the costs of a new kitchen - don't buy the handles, soft close hinges (if they aren't already included), worktops, sink/taps, appliances or metalwork for inside the cupboards (such as carousels) from the place where you are buying the kitchen.

We managed to save £200 buying our handles from ebay, £150 on soft close hinges for 2 drawer packs (bought from Screwfix instead), £3000 saved buying walnut worksurfaces online from worktop express, sink managed to get half price in Focus and borrowed my friend's dad who had an additional 15% off in January for being a pensioner.

Appliances - the sky is the limit here for saving money and getting better quality.

Pinkruth

As others have said 6.5k for a B&Q kitchen does seem a little extreme, and that is no disrespect to B&Q. I just think a more 'bespoke' service from a kitchen and bathroom supplier would be a better step if you wanted to spend that amount. You may be able to get a better deal and more personal service. That is something I would want if I were going to 6.5K's worth of work someones way.

As for the credit refusal, I agree with other posters that it may be because you have quite alot of available credit already.

property.advert

Don't think it has much to do with available credit and more to do with disposable free income. My guess is that between the mortgage, ongoing credit card debt not paid off each month and a reasonably hefty car loan still on the books there isn't too much left for their risk people to say yes.

dane-katie

Cant help with why you were turned down.

But have you tried Ikea for a kitchen? mine cost £1450 from there and my kitchen is 6m x 5m and it has the WOW factor, you dont need to spend a lot to get a nice kitchen!