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

Rayden

meer53 wrote: »

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 ?

Ok - I've just signed up to equifax. The loan is in my name (actually mispelled but close enough). Looks like a ten year loan for 10k; £200 a month over 10 years with some crazy interest meaning the total amount owed will be something like 22k. Equifax tells me there is 4k remaining, so more must have been paid off then was needed.

I was told that after the court resolution, nothing like this would be in my name - obviously something still is.

meer53

Rayden wrote: »

Ok - I've just signed up to equifax. The loan is in my name (actually mispelled but close enough). Looks like a ten year loan for 10k; £200 a month over 10 years with some crazy interest meaning the total amount owed will be something like 22k. Equifax tells me there is 4k remaining, so more must have been paid off then was needed.

I was told that after the court resolution, nothing like this would be in my name - obviously something still is.

Looks like you have some sorting out to do !

Rayden

meer53 wrote: »

Looks like you have some sorting out to do !

Yes indeed.

CTA_2

Silky89 wrote: »

Sale properties are decreasing in value by the day in London, lettings is stable, on the verge of rental income increase as the student season kicks in over the next month.

so wrong it isn't even funny

i work for a prop co and the only place we CAN make money atm is London!

get your facts right

bouncydog1

Well I think you need your head examined. You earn a decent salary and spend all of it. You are thinking about buying a property you can't afford the deposit on - seduced by the lifestyle you think you will have but the reality will be sitting inside your lovely flat looking at the view with no money to spend because it will all be servicing your huge mortgage.

You need to take a breath and stop and think for five minutes - if Wapping is so up and coming there will be another build along sooner or later and you will have the deposit already and waiting and be in a position to bargain because you have the cash.

An accident waiting to happen IMO.

Amber_Sunshine

No-one can be sure of still having a job at any point in the future.

If you really earn so much, then get your act together, pay off the credit card, save hard, and buy a place you can comfortably afford. Buying a swanky riverside pad using the methods you´ve detailed is asking for disaster.

Please tell us which bank you work for as I certainly wouldn´t want to trust them with my money ...

Rayden wrote: »

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.

meer53

Wasted words i feel, until the OP has their lightbulb moment nothing will make any difference to their plans. As i said before, the OP seems swayed by the promise of a "high end" lifestyle. Don't really think they're bothered at this moment as to how they will be able to afford it.

We'd all like a "high end" lifestyle wouldn't we ? Unfortunately (or fortunately i suppose) my lifestyle is now dictated by what i can afford. When i was married, i had all that, husband with 6 figure salary. He drove an Aston Martin, me, a Maserati (twice) 3 holidays a year, my kids got whatever they asked for. It's not all it's cracked up to be. He upped sticks and left one day.

My point is, no-one knows whats around the corner, 2 years is a long time. Life is far more enjoyable when you know you can afford something without having to make compromises.

harveybobbles

Has everyone overlooked one really obvious thing here?

Why would an accountant need a loan?

LittleMissGiggles123

What happens if in this 2 years you & your partner separate, or one of you loses your job or you apply for the mortgage & get rejected. What if in 2 years time the mortgage company won't lend you the full amount due to valuations? I know you say this area is currently a sought after area, but you dont know what will happen in the next 2 years.

You say you'll save for next years payment, but you earn £93k a year now & have no savings, plus you'll be paying off a £10k loan & credit card debt.

You're living in a dream world. All sounds like a lovely dream, but thats all it is at the moment.

Pay off your debts, save a nice deposit & buy somewhere more affordable & realistic.

Good luck

x

MiddyMum

meer53 wrote: »

Life is far more enjoyable when you know you can afford something without having to make compromises.

Never a truer word spoken. The OP hasn't mentioned what her OH earns but I dread to think what the mortgage payments would be on this sort of property. If one or both of them lose their job, they will literally be so far up the creek, the paddle was never there to begin with.