Loan to make up the rest for cash buy

dan2983

I'm looking to buy a flat cash for £30k. I have £17k in the bank, my credit history is rated poor as i've had no credit in the past (cant even get a credit card) I'm in fulltime employment earning £18k.

My question is, will my bank consider my £17k in savings if I ask for a £15k loan? Then buy the flat out right?

If not, can anyone suggest any other way to solve my problem? Its going to take years to build my credit report and I want to buy this place in 2 weeks.

Thanks

holly_hobby

Any application for finance will be basd on your income and credit status - its a 2 fold assessment.

With regards to building your credit status - as long as you don't have any adverse, I can't see why you can't obtain one of the credit builder credit cards (use for small purchases and completely repay each month), to build your profile.

Hope this helps

Holly

MattC123_2

With a poor credit I think you'd find it pretty difficult to get a 15k unsecured loan, and while you could get a credit building card I doubt it will make enough of a difference within the 2 week window you specified.

holly_hobby

Sorry I mean to build his credit profile in general, which certainly wouldn't happen in the next 2 weeks .. LOL !

Hope that clarifies ...

Holly x

GMS

What is the issue with your credit rating? CCJ's, defaults etc?

Where is the flat? Is it habitable? 30k sounds low.

dan2983

GMS wrote: »

What is the issue with your credit rating? CCJ's, defaults etc?

Where is the flat? Is it habitable? 30k sounds low.

I had one default years ago, when I went travelling and didnt maintain payments. No ccjs. Its habitable and in warrington

Being a mortgage adviser GMS, is there anywhere that will look at my circumstances rather than credit rating?

Thanks for all your comments so far

holly_hobby

dan2983 wrote: »

I had one default years ago, when I went travelling and didnt maintain payments.

Ah this then contradicts the original post ...

dan2983 wrote: »

my credit history is rated poor as i've had no credit in the past

So there is some adverse lurking after all ... how long ago, what was the default for, and how much was it for ?

Holly

GMS

A valuation of 30k will be too low for many lenders.

Where in Warrington? Why so cheap? Have you checked the lease? Is it a short term remaining?

aleenajoe

I think you have to get the most relevant and suitable guidance for the concerned person...

dan2983

holly_hobby wrote: »

Ah this then contradicts the original post ...




So there is some adverse lurking after all ... how long ago, what was the default for, and how much was it for ?

Holly

It was over 7 years ago so its off my report.

dan2983

GMS wrote: »

A valuation of 30k will be too low for many lenders.

Where in Warrington? Why so cheap? Have you checked the lease? Is it a short term remaining?

Padgate. 25 years remaining