Husband and wife personal loans

BrassicWoman

Dekazer wrote: »

1. Both at the same time on the same day, in the hope that our credit searches don't show up on each other's check.

This is the part of your post that made me think you may not be approaching this with complete honesty. Hope that clarifies.

Thrugelmir

bigadaj wrote: »

Is it really a differnt place, 2009 is post gfc.

.

Northern Rock collapsed 13 months before the meltdown in 2008. Yet no one saw it coming.

Took lenders differing periods of time to change management, culture and policy. Significant tightening of credit criteria was really apparent in late 2012. Subsequent BOE capital requirements along with responsible and affordable lending have totally changed the rules. No lender is going to risk another PPI fiasco for mis-selling mortgages.

Dekazer

BrassicWoman wrote: »

This is the part of your post that made me think you may not be approaching this with complete honesty. Hope that clarifies.

I didn't suggest that I was intending to misinform the bank of our reasons for the loan though.

Is it really dishonest to time applications? I certainly haven't come across anything that would indicate it constitutes fraud (a criminal offence), but if you know different I would be grateful to hear about it!

In 2009 I told the bank I wanted a £22k loan to buy a boat, and they gave it to me. This time I will tell them I want £25k to buy a bigger boat. I was just hoping my husband would be able to do the same, so we could pool our loans to buy a much bigger boat.

Incidentally, we don't own a house, so can't draw a mortgage. Thanks though

AMILLIONDOLLARS

Do you own the boat you are living on, if so will it be sold to pay off some of this new loan? You maybe subject to penalties for paying loan early, some people find that they owe more than they originally borrowed when they do this.

AMD

BrassicWoman

Dekazer wrote: »

Is it really dishonest to time applications? I certainly haven't come across anything that would indicate it constitutes fraud (a criminal offence), but if you know different I would be grateful to hear about it!

One of you will be having a material change in circumstances before the other one draws down the loan, so the spouses income/ assets/ liabilities section will be out of date; and you have intent to present a joint credit record that will be inaccurate by time of drawdown.

You will probably get a better rate of interest on a ships mortgage. All a mortgage really does is takes 6 months out of the repossession process while they bankrupt you and your assets are seized.

If your income is secure enough to make the repayments, why not get a mortgage? What is your aversion? It won't protect your asset indefinitely.

Duke203

Dekazer wrote: »

We (myself and my husband) earn just under £40k each... and our monthly outgoings are less than £900 between us per month.

Unless I've missed something, I work it out that you earn £5,000 per month, less £900 expenses, between you.

Couldn't you save a bit of that £4,100 you have spare every month? Nothing too much, maybe just 3k, and that'll lower amount needed for the loan. You'll have to wait a few months to get it though which I guess might necessitate an immediate rejection of the plan.

Again, apologies if there is a good reason why this can't work

Duke203

Dekazer wrote: »

...so we have around £3.1k disposable income every month. I suppose if they turn us down they turn us down, we'd just have to save the whole amount,

I did miss something. This :rotfl:

Dekazer

As an update, and for info for others, we didn't end up getting our loans simultaneously.

My husband was approved for a £25k personal loan some weeks ago (just after I posted this thread), but we decided to wait until we knew how much we needed for applying for mine.

Long story short, we only needed an extra £15k in the end. I applied last week and was approved (for £14,950) without any problems. To be honest, I wouldn't have been surprised to have been approved for the full £25k.

Although neither of us were offered pre-approved loans like the bad old days, it seems that banks are happy enough to lend again now, provided your circumstances fit their criteria.

Clive_Woody

Dekazer wrote: »

As an update, and for info for others, we didn't end up getting our loans simultaneously.

My husband was approved for a £25k personal loan some weeks ago (just after I posted this thread), but we decided to wait until we knew how much we needed for applying for mine.

Long story short, we only needed an extra £15k in the end. I applied last week and was approved (for £14,950) without any problems. To be honest, I wouldn't have been surprised to have been approved for the full £25k.

Although neither of us were offered pre-approved loans like the bad old days, it seems that banks are happy enough to lend again now, provided your circumstances fit their criteria.

Congratulations, happy sailing and enjoy your new boat :beer:

somethingcorporate

:beer::beer: