Which lenders are lending money??

Paul_01

Apples2 wrote: »

so despite your post, you had even less to add than the replies you refer to?

To get a considered reply, you must ask a considered question.

Seriously, What lenders are lending? the clue is on the name, or they wouldn't be lenders.

The thread is slowly opening up, we now have a little pertinent information from the OP, we still need more to help which dabooka is trying to weasle out.

Less to add? No.

Seriously, the first couple of replies were useless. Why bother? I was merely pointing this out.......

Dabooka

Paul_01 wrote: »

Less to add? No.

Seriously, the first couple of replies were useless. Why bother? I was merely pointing this out.......

Well that's cleared that up then, thanks for that

moatmeister

House in joint names.

Aim to be finished by end of this month, ideally with tenant in by end of following month so perhaps collecting rent from beginning June

Rental should generate surplus of £350/month after mortgage and insurance costs.

Realistic projected increase in capital value from purchase cost between £30k and £50k

Macca83_2

There is no easy answer to your original question, any comparison site will give you a list of companies that are currently promoting their lending services. But this Means nothing. Each individual company has their own lending criteria which determines who they Will and won't lend to so for us to recommend one particular company doesn't guarantee you a personal loan.
You say work Will be finished on your rental this month. Would it not be better to wait and remortgage making sure that you pay off all credit cards and personal loans

geoffky

You are one prayer away from severe financial trouble..You have too much debt and if you were made redundant next week you would be in a serious mess...Get rid of some of your debt as it could bite you when you least expect it...75% is too high a ratio

moatmeister

Thank you for your advice particularly Geoffky and Dabooka however please dont make the direct link between credit card debt and house purchase.

It is an obvious, but incorrect conclusion that would not have been necessary had our business bank been more flexible in its approach to lending/overdrafts to an established company, unfortunately forcing it to become personal lending!

That £7k total MBNA super balance transfer at 0% CC advance plus £3k of CC equipment purchase has gone into the business fully planned and is well under control but unfortunately does impact on my personal credit file.

Which brings me back to the original question,


Which personal lenders are actually lending?
Anyone with a less than perfect credit file and recent experience good or bad please shout out!

Dabooka

moatmeister wrote: »

Thank you for your advice particularly Geoffky and Dabooka however please dont make the direct link between credit card debt and house purchase.

It is an obvious, but incorrect conclusion that would not have been necessary had our business bank been more flexible in its approach to lending/overdrafts to an established company, unfortunately forcing it to become personal lending!

That £7k total MBNA super balance transfer at 0% CC advance plus £3k of CC equipment purchase has gone into the business fully planned and is well under control but unfortunately does impact on my personal credit file.

Which brings me back to the original question,


Which personal lenders are actually lending?
Anyone with a less than perfect credit file and recent experience good or bad please shout out!

Okay, to answer you initial question (which kind of has been answered) you're not going to get any further lending; you're overstretched beyond reason.

You scraped together the 30k deposit on personal finance, and you can convince yourself as much as you like that it's against "the business" but that is totally irrelevant in the eyes of lenders. Your personal liabilities outweigh your current income (which is what the lenders will look at) and to top it all you have recent missed / late payments on bills including a mortgage. That's a massive deal!!

I'm sorry it's not what you want to hear, and I understand it's a temporary blip and in time you'll be quids in, but that simply won't wash with lenders today which is what matters. Lenders what safety and your situation does not suggest that.

I'm assuming you don't have a registered business and all the debts and assets are yours as a married couple?

MonkeyMad

moatmeister wrote: »

I accept we are currently overstretched but this is in a positive way. This is due to the recent purchase and ongoing renovation of a quality rental property.

This was the classic quote we were waiting for

moatmeister wrote: »

... had our business bank been more flexible in its approach to lending/overdrafts to an established company, unfortunately forcing it to become personal lending!

and this one tops it off

moatmeister

@Monkey mad..
????????? What on earth are you on about?

@Dabooka
I should have said an established Ltd company trading succesfully to blue chip companies and nothing at all to do with property letting which is an unconnected personal venture

jamesd

Most lenders are lending. The issue here is the quality of the credit situation of the applicants. One with heavily used cards and an overdraft which is commonly used to indicate financial mismanagement. The other with close to their annual income in available credit already. Both look like bad lending risks, the way that lenders look at things, not the way that you do. Hopefully you aren't both showing a lot of another indicator of trouble, only making minimum payments. Paying a Pound a month extra by standing order is a way to avoid that marker.

Zopa will have declined your wife the moment a human saw her level of credit card debt, even with a perfect credit record. If you applied you'd have done even worse.

You might try signing up with Noddle to see whether any of the recommendations that they give with knowledge of what your credit record contains says.

Expect her to have a hard time getting more credit. Her credit facilities are currently 90% of her (lower) total income and that's a big negative for any lender practicing responsible lending.

It's not uncommon for developers to be forced to sell a property that they have purchased because they find that they don't have the money to complete the work and live. Good luck with avoiding that.

I know that this isn't what you want to read, though. Noddle is the best current course to increase borrowing in your situation.