who would give me a loan??

Squirtles

Hello, first of all forgive this email as it may be a little long winded. I am new to this forum and really could do with some advice.

I am looking to take out a loan to complete a new house build with my husband. So far this has been financed by a remortgage, and I am not on the current mortgage - until next year. Long story short I moved in with him two years ago, we got married and had a baby!

We always knew we would need to borrow more money, and I am hoping to be in a position to do this - however some caveats this:

According to experien I have an excellent credit rating, though I have lived in many addresses as I moved around a lot when I was younger. I completed an IVA a couple of years back and I am told that now this no longer has a negative effect on my history, though I know form previous experience this isnt the case. I have a very simple bank account as a result (cash card, no overdraft etc) and though I do have one credit card I don't have any debt. I am 35 years old and worked with the same employee for 9 years - on a good salary. I guess I dont know where to go for the money - i fear being refused and having it knock my rating. Do I go for a loan independently or with my husband? Do I speak to someone in person at the bank - if you can even do that nowadays as I know they rely on a credit check. Is there someone I should speak to that wont cost the earth?

Because of my past accumulating debt many years ago now, I am cautious and good with money, but have no assets as such. The thing is the money would be paid back in full when we remortgage at the end of 2015 - does this have any bearing on the options?

Any advise would be most welcome - hope I have come to the right place, and thank you in advance xxx

bigadaj

You probably need to post some more details for reasoned responses.

How mulch do you and your partner earn, how much are you borrowing, what mortgage do you currently have and the house price valuation, conservatively speaking.

If your Iva was less than six years ago you are going to struggle, what other debts do you and your partner have?

longtermplanner

It's going to be cheaper and easier if you wait until end 2015 when you get on the mortgage and on the deeds.

What exactly is this money needed for?

Having moved around a lot is irrelevant, it's your IVA that will be causing the problems.

I assume you are paying off credit card in full every month without fail?

Thrugelmir

How much are you looking to borrow to complete the works?

Clive_Woody

Not sure if a soft search on somewhere like Nationwide might be worth doing as this would not show on your credit file and might give you an idea. As others state the IVA will not look good.

I have to ask if you are on a 'good salary' why do you not have savings to pay for this and if this answer is that you have no money left at the end of the month then how would you repay the loan?

Sorry to be blunt.

Squirtles

thank you for responding. I had intially saved some money - a good chunk in fact, and some of that we committed to the start the new house, however when I fell pregnant I then dipped into this to support myself whilst off work as maternity pay would not cover the mortgate, living etc. Its a shame that now later in life I can't access funds despite taking an IVA to tackle my debt problems - but thats a lesson learnt I guess! the debt is now paid off and I always pay off my credit card. Its safe to say I wont allow myself to get in the mess I was in during my early 20's! The money is needed to finish the build on the house - around 20,000. We still have some funds though these are due to run out in the spring. Our mortgagte, including the money we had initially borrowed to start the build is around 220k. Once the property is built it will be worth more than this. I am very careful finanically and budget well. I dont knwo if its best I do a joint loan, but given my husband is self employed and borrowed the most he can against the house with his mortgage, it might be better I do it alone. Thank you again for your advice, its very helpful