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

Ulfar

DCFC79 wrote: »

Very wise move to make for someone working for a bank.

Wait till the bank next credit score your or are notified of something negative.
Your contract will probably include a termination clause for this under maintaining your finances in a responsible way.

al25

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.

£485K? How many bedrooms are these?

Rayden

meer53 wrote: »

Just another thought, if you got the loan you need this year, how will you pay whats needed next year ? All this borrowing will affect your chances of getting a mortgage too. Are you sure you can afford this property ?

Next year it wil be fine; my boyfriend earns a similar amount - it really is due to us being out of cash after a summer holiday and attending multiple weddings etc. The problem is getting the credit quickly as we don't want to let this property go. We've seen them build the first phase of it and it's amazing, so with the second phase going up we wanted one for ourselves.

We do appreciate that there are some risks.

Rayden

al25 wrote: »

I'd like to know where in London this is, £485K? How many bedrooms are these? Even if its a 1 bed that is cheap by the river.

Wapping. It's a hidden gem, but places disappear almost as soon as they go on the market. 2 bedrooms Lots of warehouse conversions nearby, couple of gastropubs, churches, a few schools.

meer53

Rayden wrote: »

Wapping. It's a hidden gem, but places disappear almost as soon as they go on the market. 2 bedrooms Lots of warehouse conversions nearby, couple of gastropubs, churches, a few schools.

Sounds to me that you've been seduced by the lifestyle and aren't really thinking about the financial side at the moment. What will you do if you can't raise the money in the next couple of weeks ? It doesn't sound likely at the moment.

al25

Rayden wrote: »

Wapping. It's a hidden gem, but places disappear almost as soon as they go on the market. 2 bedrooms Lots of warehouse conversions nearby, couple of gastropubs, churches, a few schools.

And the service charge for these buildings are quite a pinch.

Rayden

al25 wrote: »

And the service charge for these buildings are quite a pinch.

They are yes.

The thing is - we can afford it. Like I said - we just need the lump sum of money now. Saving for next year will be fine.

I think I'll opt for the staff loan offered by my employer. They don't carry out a credit check, it's 8.1% but I can pay it off at any time. This will give me the cash I need up front and then once I've got to the bottom of my credit issues, I will pay it off with a superior product; or just with savings.

forgotmyname

What are the chances of getting a mortgage when you got refused a loan for £10,000?

And when you do apply, You will have loans for £20,000.

Gotta be a wind up, £93k a year in a bank yet you cannot spell?

pheonixrising21

_Andy_ wrote: »

So fraud then. Well done you.

Not necessarily. I very much doubt that there was an option for "deposit for property purchase", so "consolidation/other" would have been most suitable out of the usual options?

Choosing "new car" or "holiday" or "home improvement" would have been fraud as they are clearly not what the loan is for.

If the application form asked for further details and the OP put something other than "deposit for property purchase", then thats fraud too.

meer53

Wonder what will happen when the mortgage lender asks where the deposit is coming from ?