Need to raise 50K!

bobbyboyo

Hi all,

first post here, so I hope you peps are all nice and can help me out!

I need to get a loan for about 4 months of 50K and would like to know how feasible it would be to get this amount of loan and for this amount.

My salary is 32K (although I'm currently on a short term contract in the US) and my wife earns 33K (although she is currently on a career break due to go back to work mid-September).

We have no outstanding debts other than a mortgage of 140K.

Raising the 50K through additional mortgage borrowing isn't possible due to no equity in our house. Does anyone think i could get a loan for this amount? And i so who would it be best to approach?

also as I'm currently working in the US do you think I could arrange all this without having to go back to the UK.

I need to get the mney within the next 4 weeks so would appreciate any help/advice.

Thanks everyone.

Bob

Hermione54

The maximum amount you can borrow on an unsecured loan seems to be unofficially fixed at £25,000, so you would need two, but there may be specialist lenders out there. The best place to start will be your UK bank, who you could 'phone from the US.

jonesMUFCforever

I like the way you say that you have no debt OTHER THAN A MORTGAGE OF £140K!!

I would approach your main bank to see whether they think it is feasible. Whilst this can be done over the telephone documents might have to be couriered to you for signature if time is of the essence.

You don't say what will happen in 4 months time - but the bank will need to know and if it is money due to you from somewhere then I would imagine they will want an irrevocable authority from the sender to send it direct to the bank rather than to you.

At the moment quoting your salaries is irrelevant because you might earn a million but if you spend a million and one pound it is worth diddly squat to the bank.

hur575

Hi

I agree with the above poster your salary means nothing to lenders if you spend a lot. If you see you have no other debt and credit rating is excellent you can get a loan from a lot of lenders. There are few factors to consider when applying for loan, first point if you apply for too many lenders in short time that will reduce your credit score and show lenders that you are desperate and they will be reluctant to give you money. Other factors that score highly in loan application is the reason for the loan, home improvent score highly but if it is not business loan using personal loan to fund business venture will go against you.

bobbyboyo

ejones999 wrote: »

I like the way you say that you have no debt OTHER THAN A MORTGAGE OF £140K!!

lol - my point was simply that I am not servicing any other high interest loans such as car loans, credit card debts etc - but I can see why you thought that was funny:D

Thanks for the advice everyone, will approach my main bank firstly.