Need advice on loans

jm1

Hi

I'm new to this, so please bear with me....

I'm looking to raise about £10,000 and am not sure of the best way to go about it. I need to raise it in my name as my husband's got a poor credit score. Also, our house is registered in my name (as is the mortgage). Our mortgage is less than a third of the house value. Main problem is, is that I'm earning very little at the moment as I'm looking after our 2 young kids.

Am I right in thinking that I'd be excluded from unsecured loans as I have (practically) no income? Will I need to either consider a secured loan or a remortgage?

Many thanks for any advice.

jm1

jonesMUFCforever

You may find it difficult to raise £10k whether unsecured or secured unless you can show that you can afford the repayments.

How bad is your husband's credit score? Does he have CCJ's against him?

jm1

Hi

Thanks for your reply.

Just did a check on moneysupermarket (quick search with equifax) for my husband's credit rating and it came out as 'poor'. Could only go for a loan at 65%!!!

Looks like we may be forced to remortgage? I can do this without showing proof of earnings as I've managed to in the past (self-cert).

jonesMUFCforever

To do a self cert re-mortgage means you will not be offered the best rate.Do you actually need £10k or can you save on things here and there?

To be honest from your posting if you get offered the money IMO you will be on a slippery slope so think very carefully before going through with the transaction.

financial_solution

There are many lenders who will genuinely "consider" your proposal. You may need to re-assure the lender that you can afford the repayments and with a high level of equity this may be possible with a self-certified declaration of income.

As to which is best, loan or remortgage depends largely on your circumstances and intentions.

As a mortgage and loan broker I can assure you that with sufficient equity you can obtain the finance. You need to be aware however that you may pay a higher rate of interest and have more onerous penalties for early settlement, although if you borrow £10,000 the loan will be regulated.

How much is your house worth?
How much is outstanding on your mortgage?
who is lender?
have you missed any payments?

The answers to the above will determine the rate you are charged.

We are aware of lenders who will charge the same rate if you include your husband even if he has poor credit rating.

You should be able to get figures and options without paying any money out and without any commitment. There does seem to be options for you to consider. Whether you decide to exercise these options is up to you.

Good luck,

Mark

TUG1976

just quick advise not to put too many searches becuase it will make it harder for you to get loan.

good luck