Unable to loan or remortgage

DerekKing

I have been self employed for 25 years, been with Nat West all the time,have paid off my mortgage a couple of years ago with Halifax, I earn just enough to live. Recently my 18 year old car broke so I thought about getting another newer car having no savings I would have to get a loan so I approached Nat West filled in the forms and waited, I got a phone call very quickly by someone who said I needed to bring in my accounts, when I said I do all my own and tax returns on line he said that it was not possible to do it like that and carried on to say that they could not let me have a loan because my payments into the bank could not cover living expences yet alone paying back a loan, so I thought I would remortgage so I called Halifax the conversation did not last very long because they said they did not lend to self assessed people. Now all I wanted was £5000 - £7500 over 5 years not a vast amount and considering that I own my own property worth £150,000 and have never been in debt or had CCJs I am surprised at being refused. If I was thousands of pounds in debt they would be falling over themselves to lend me more. I am wanting to take action against them but do not know how to go about it, can anyone give me any help PLEASE?

jonesMUFCforever

How do you pay your income tax?
Surely they have seen some sort of accounts from you?

Gemmadm

Hi there are mortgage companies that let you get a mortgage through self assessing as i have just gone through them (ours was bristol and west - not sure about others). As we were getting less than a 75% mortgage, we didn't have to show any proof of income etc. It was just a credit check. Just make sure you calculate how much you can afford to pay back monthly so you don't stretch yourself too much. Good luck.
Gemxx

Generali

DerekKing wrote: »

I earn just enough to live.

How will you afford to repay the money? I don't know your circumstances so perhaps you can increase your income easily.

Russian_Dirty_Money

Most lenders are looking for people who are wanting to re-borrow 25000 or more, 25000 is a recognizable mortgage amount now. Also self cert mortgages cost more money. Maybe going down the secured loan route might be a better option. For the best advice away for the high street would be through an independant mortgage advisor or financial advisor.

Be careful with what you do, you are in a good position as you have paid off your mortgage. There are many people here who dream of having their mortgage paid off rather than having a car!

DerekKing

I need a car for work

DerekKing

I am one of those people that does not go into dept without first making sure I can afford it. I wish I was more like the people that get into so mush debt that they have to get other help 'from the gouvernment' who then get most of thier debt written off without any problem. IT SEEMS THE MORE YOU OWE THE MORE YOU CAN GET AWAY WITH.

DerekKing

If you earn less than £15,000 per year all you have to do is input your earnings and outgoings and the Tax office works it out for you.

jayalaxmi

hi derek but it will be very difficult to manage the two .it is better to see first your basic needs are covering or not.

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thanks.
jaya
http://loan-mela.blogspot.com/ - tips and resources to get loans,credit cards,debit cards

frugalpam

DerekKing wrote: »

..... I wish I was more like the people that get into so mush debt that they have to get other help 'from the gouvernment' who then get most of thier debt written off without any problem. IT SEEMS THE MORE YOU OWE THE MORE YOU CAN GET AWAY WITH.

It's not that easy - we'd all be doing it otherwise. People pay dearly in other terms if they go down the IVA or possibly bankruptcy route, and it's not just a quick 'get out my debt' solution. Their credit files will be absolutely shot to pieces, they might end up with charges against their houses, and it'll be nigh impossible to get any credit even for the most simple of financial transactions. I've not had to go down either of these routes, fortunately, but have a lot of sympathy for those who have no other alternative.

Pam