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

Rayden

forgotmyname wrote: »

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?

Not much chance right now; that's for sure. I need to resolve the situation of being financially linked to my ex. I think with that out of the way I'll be in a much better position. I won't need to take out a mortgage until 2014 so I have the time.

I expect to pay this loan off within 6 months. My bonus at christmas could do it for example as well. I just need the money up front. Employee's loan it is then for now.!

Rayden

meer53 wrote: »

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

The deposit for the mortgage will be 10-15% of the amount outstanding. We're both saving up. 2 years is a long time so we'll have it in cash.

pheonixrising21

I also assume that there will be a contract in place that stops the builder/developer from raising the price to, say, £600k in two years?

BugsyBrowne

This has got to be longest running wind up thread ever.

Rayden

pheonixrising21 wrote: »

I also assume that there will be a contract in place that stops the builder/developer from raising the price to, say, £600k in two years?

Correct-

The price is fixed. It's a good way for us to buy somewhere nice and have the time to put affairs in order to get the mortgage.

meer53

Rayden wrote: »

The deposit for the mortgage will be 10-15% of the amount outstanding. We're both saving up. 2 years is a long time so we'll have it in cash.

I wasn't thinking about the deposit for the mortgage, i was thinking about the mortgage itself. If you're financially linked to your ex, thats your biggest problem when it comes to getting the mortgage, or are you planning to repay that loan too ?

I work for a bank, if i tried to borrow money for a house deposit the computer would definately say shove off. Credit score or no credit score.

Rayden

Silky89 wrote: »

Two years is a very long time.

What happens if you commit, then in two years time you can't afford it/can't get a mortgage? :j:j

we are able to sell the 100k stake on to someone else. It's in a unique location. The developers previous properties focus on high end with getting good facilities for the service charge - they have private cinemas, spa, pool, cafe, restuarant etc. as part of the building's facilities; the idea is create the atmosphere of a 5 star hotel. they built a similar place in canary wharf which is proved very popular. Obviously there's always an element of risk in purchases like this, but we are prepared to take it.

Rayden

meer53 wrote: »

I wasn't thinking about the deposit for the mortgage, i was thinking about the mortgage itself. If you're financially linked to your ex, thats your biggest problem when it comes to getting the mortgage, or are you planning to repay that loan too ?

I work for a bank, if i tried to borrow money for a house deposit the computer would definately say shove off. Credit score or no credit score.

I'm thinking I should be able to financially separate myself from him. At the time my lawyer told me everything had been separated out - it sounds as if this loan might still be in my name as well. if I can be disassociated, that should end the matter.

meer53

Rayden wrote: »

we are able to sell the 100k stake on to someone else. It's in a unique location. The developers previous properties focus on high end with getting good facilities for the service charge - they have private cinemas, spa, pool, cafe, restuarant etc. as part of the building's facilities; the idea is create the atmosphere of a 5 star hotel. they built a similar place in canary wharf which is proved very popular. Obviously there's always an element of risk in purchases like this, but we are prepared to take it.

Like i said, heart ruling head here.

meer53

Rayden wrote: »

I'm thinking I should be able to financially separate myself from him. At the time my lawyer told me everything had been separated out - it sounds as if this loan might still be in my name as well. if I can be disassociated, that should end the matter.

Think the only way you'll be free of him is when the loan is repaid. How come you don't know whether the loan is still in your name ?