can't get a loan!!

zaprok

Hi,I've been told about this site after trying all afternoon to get a bank loan unsuccessfuly.
Basically.I am on longterm incapacity benefit and have a small penion of about £50 a week.I am 42.I own my own flat outright which is worth about £100,000 but I would like to buy a small house.I need a loan of between £20,000 and £25.000 to be able to do this but all the banks have and most internet sights have refused me becausmy annual income is only around £6,500.I thought owning my property outright would be an advantage but it seems not!!
Can anyone advise me?
Thanks and regards for any advice.

zaprok

tom188

To borrow 20-25000will cost over £120 per month in repayments (significantly more as this is based on a 25 year loan at base rate). Unfortunately your income would not cover this plus living expenses so no lender will lend you that amount of money.

tom188

see https://www.whatsthecost.com to see how much repayments are for various rates, amounts and terms. However I dont think many/any lenders will be able to help as it just wouldnt be responsible to put that strain on your income - leaving you on less than £20 a week to live on and pay your bills with.

zaprok

tom188 wrote:

To borrow 20-25000will cost over £120 per month in repayments (significantly more as this is based on a 25 year loan at base rate). Unfortunately your income would not cover this plus living expenses so no lender will lend you that amount of money.

Do you think someone would lend me £10,000 ?
Best wishes,Zaprok

rsykes2000

zaprok wrote:

Do you think someone would lend me £10,000 ?
Best wishes,Zaprok

You get 6.5K PA and would like 10K. I doubt there's many places if any that will lend one and a half times earnings. Check the website that Tom suggests as above, but don't get your hopes up.