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

MiddyMum

Re alarm bells: If it was me, I would probably take a step back for a sec. It all seems very rushed...how long have you taken to consider this house idea or did they reel you in with glossy mags? I don't mean that in a horrible way it's just they have a habit of doing that with newbuilds, FTB type plans in general.

spadoosh

BugsyBrowne wrote: »

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

An accountant or an attendant.

Yeh completely agree, an accountant that doesnt know about credit or credit files. Im a sage boy and appear to know more than the op.

That and the deal, never heard of buying a house like that, 25k this year, 25k next year and at no point a gurantee of a mortgage, what happens should they be declined a mortgage?!

Maybe he/she meant £9.3k???

Op if this is serious, take a look at your credit files, there will be something glaringly obvious that would suggest why youve been refused.

Rayden

pheonixrising21 wrote: »

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?

Hi there-

Property is 485k.

We pay 20% over 2 years and then mortgage the rest.

Yes - the idea is to resolve everything in the next 2 years before applying for the mortgage, which we won't need to do until then.

The contract allows us to sell the stake in the property on to someone else; which is pretty easy given the crazy demand here in Wapping riverside.

spadoosh

Rayden wrote: »

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.

Well an accountant was a bad role to choose really, you see, there supposed to know about money! Surely got to be marketing!?

Rayden

MiddyMum wrote: »

Re alarm bells: If it was me, I would probably take a step back for a sec. It all seems very rushed...how long have you taken to consider this house idea or did they reel you in with glossy mags? I don't mean that in a horrible way it's just they have a habit of doing that with newbuilds, FTB type plans in general.

It's a property company that have already built 2 or 3 nice shiny glass properties in canary wharf, populated by foreign bankers etc. They're building this in wapping in london (near tower bridge) where there is huge demand for housing right now. Comes in at number 4. in the independent's 'top 10 places to live in the uk'. It's a lovely place (we rent here already).

Rayden

spadoosh wrote: »

Well an accountant was a bad role to choose really, you see, there supposed to know about money! Surely got to be marketing!?

Yup. Agreed. Ok I'll be a Marketeer then! :-)

pickpocketlocket

Rayden wrote: »

Hi there-

Property is 485k.

We pay 20% over 2 years and then mortgage the rest.

Yes - the idea is to resolve everything in the next 2 years before applying for the mortgage, which we won't need to do until then.

The contract allows us to sell the stake in the property on to someone else; which is pretty easy given the crazy demand here in Wapping riverside.

You seem to be basing your decision on the viewpoint that property prices only ever increase, yes? Have you looked at how much new builds that were £485K two years ago are worth now?

BugsyBrowne

sharpy2010 wrote: »

You're really weird.

Now go on hop along...Little man.

What a LEMON

meer53

I think you need to rethink your purchase. Who knows what will happen in 2 years time ? If you don't have the deposit now, or a mortgage which has been agreed, why are you even thinking about buying a property at 485k ? Sounds like a recipe for big problems to me. And thats without taking into account any issues with your credit file which may still be there in 2 years time.

Sort out your credit file and save up your deposit, shouldn't be too difficult on your salary. I think you're being sucked into something you may regret. Doesn't matter how shiny or impressive it may seem, you're being brainwashed.

MiddyMum

Rayden wrote: »

It's a property company that have already built 2 or 3 nice shiny glass properties in canary wharf, populated by foreign bankers etc. They're building this in wapping in london (near tower bridge) where there is huge demand for housing right now. Comes in at number 4. in the independent's 'top 10 places to live in the uk'. It's a lovely place (we rent here already).

But right now, you can't afford this lovely place. (It does sound amazing though, so I give you that) You are lucky in that you earn a good salary, but you are relying on credit cards and potential loans to pay the deposit. You need to do the right thing here, and save for your deposit properly. It won't take long , if you can't have this property in particular there will be other amazing properties coming up by the time you have finished saving. This is what I would do personally, I just think saving for a deposit is more sensible then using loans and credit cards and I am not sure all mortgage companies allow it either.