Earn £93k a year, Rejected for 10K loan?!

[Deleted User]

PasturesNew wrote: »

can't you just move into a friend's cupboard and eat beans for 2 months?

It would be like living in a gas chamber.

DCFC79

Rayden, have you by any chance actually checked your credit report ?

Rayden

pheonixrising21 wrote: »

Does your mortgage provider know that you are borrowing the deposit (or part of it)? usually they don't like that

I am assuming that the £10k is not the full deposit? I say this because £10k is 10% of £100k, and that would buy a plot of land no bigger than a phone box in London, and thats without the building on it!!

Hi there

We're buying off-plan. It's a new development by the river in london and a great price; only 3 of the flats we we could afford were available so we put down a 1k deposit, and now need to get 50k this year; and 50k next year; and then we don't even take out a mortgage until the end of 2013 for the remainder.

it's really a case of trying to get that amount of cash - quickly. My boyfriend is using the 12K from the credit card he has and his own savings; I need to get 25k too. I could save for a few months but the deadline for the first payment is in a few weeks time.

It's not ideal but we really want the place..!

The bank I work for offers staff loans at 8% which I will take if I can. I was just frustrated that I've never taken loans out in my own name, and the only times i have were jointly with my ex, with only one remaining from 2007.

ALIBOBSY

I think you need to start with a copy of your credit file to try to work out what it is they don't like, in particular you need to ensure you are no longer linked to the ex partner. I believe you can get a notice of dissociation to confirm there is no longer any financial or legal link between you.

Ali x

pheonixrising21

Rayden wrote: »

Hi there

We're buying off-plan. It's a new development by the river in london and a great price; only 3 of the flats we we could afford were available so we put down a 1k deposit, and now need to get 50k this year; and 50k next year; and then we don't even take out a mortgage until the end of 2013 for the remainder.

it's really a case of trying to get that amount of cash - quickly. My boyfriend is using the 12K from the credit card he has and his own savings; I need to get 25k too. I could save for a few months but the deadline for the first payment is in a few weeks time.

It's not ideal but we really want the place..!

The bank I work for offers staff loans at 8% which I will take if I can. I was just frustrated that I've never taken loans out in my own name, and the only times i have were jointly with my ex, with only one remaining from 2007.

OK, so the property is c£500k? You plan on 20% deposit over the next two years and then mortgage £400k? What ever the issue is that is stopping the loan, you need to sort it before applying for the mortgage. If you can't loan £10k, you will probably not get the mortgage (even jointly). Would you get the deposit(s) back if you pull out in the next two years?

I assume you haven't applied for the mortgage yet?

pickpocketlocket

Rayden wrote: »

We're buying off-plan. It's a new development by the river in london and a great price; only 3 of the flats we we could afford were available so we put down a 1k deposit, and now need to get 50k this year; and 50k next year; and then we don't even take out a mortgage until the end of 2013 for the remainder.

Ask yourself why they are a "great price", and whether it will be a good investment long term. Do some research, as everything you have said is ringing very loud alarm bells to me!

BugsyBrowne

It might just be as usual but think I can smell the old bullsh*t once again.

An accountant or an attendant.

sharpy2010

BugsyBrowne wrote: »

It might just be as usual but think I can smell the old bullsh*t once again.

An accountant or an attendant.

You're really weird.

pickpocketlocket

BugsyBrowne wrote: »

It might just be as usual but think I can smell the old bullsh*t once again.

An accountant or an attendant.

That is my feeling also - an accountant who has little idea about personal finance and the housing market?

Rayden

BugsyBrowne wrote: »

It might just be as usual but think I can smell the old bullsh*t once again.

An accountant or an attendant.

Hi - I'm changing some of the particulars as I'm a bit concerned with privacy as ex in all likelihood uses this website. I am in a professional role working for a bank though; and all the numbers are as I said.