re secure lone

energysavingexp

Hi

i applied for a secured loan for £19000 4weeks ago after 20 EMails
giving them all the info that they wanted.
i have a LTV of 20% lone to 80% mine.(house worth £250k)
i have 4 credit cards all @ £0.00
i have £4000 in the bank
my income is a secure private pension so it is not as if i can loose my job or any thing.

i have a very good credit score and rating.
i can save £500 -£600 a month
but i have been turned down.:mad: what do they want? The shirt off my back.!!
I did not think it woul be this hard to get a lone but how wrong was i.

BugsyBrowne

Well how much do you earn for starters?

To get a 19k loan your salary need to be in excess of 40-45k

paddyrg

Can you extend your mortgage? That'll be easier and cheaper :-)

Sparkle78

Don't do it! I got a £20k secure loan when I was earning £16,000 with GE Capital. Been paying £242 per month for the last 3 years and having just sold my house, I now owe £21,013!! I should have kept on at the mortgage to get an increase! I've literally paid £10k within 3 years...

energysavingexp

paddyrg wrote: »

Can you extend your mortgage? That'll be easier and cheaper :-)

sorry if i got it wrong with saying secure lone. i have been trying to extend my mortgage by £19k
it is at 2% intrest PA.
my mortgage is £38k so with mortgage extention it would be £57k at 2% APR
at the moment i am paying £80.01 per month

energysavingexp

Sparkle78 wrote: »

Don't do it! I got a £20k secure loan when I was earning £16,000 with GE Capital. Been paying £242 per month for the last 3 years and having just sold my house, I now owe £21,013!! I should have kept on at the mortgage to get an increase! I've literally paid £10k within 3 years...

What intrest rate are you paying? it must be high

I_know_my_ABC_and_my_CMYK

energysavingexp wrote: »

Hi

i applied for a secured loan for £19000 4weeks ago after 20 EMails
giving them all the info that they wanted.
i have a LTV of 20% lone to 80% mine.(house worth £250k)
i have 4 credit cards all @ £0.00
i have £4000 in the bank
my income is a secure private pension so it is not as if i can loose my job or any thing.

i have a very good credit score and rating.
i can save £500 -£600 a month
but i have been turned down.:mad: what do they want? The shirt off my back.!!
I did not think it woul be this hard to get a lone but how wrong was i.

You may thank them for turning you down in the future, a secure loan is never a good idea.