20k Loan needed

guestman

NaturalBornHustler wrote: »

due to complete in a few weeks
we actually earn close to 7k monthly (with the BTL) but after we complete, the outgoings would bring it down closer to 4k

yep - living back with mummy and daddy, sold my house years back before the "recession"
trying to pay rent and save in London :rotfl:- you clearly have no knowledge of the "real world"

sure, ill go along with you.
40k wedding? cheap skate, 60k min

imoneyop

NaturalBornHustler wrote: »

The wedding has been paid for - as already mentioned so either you have issues with reading posts or just generally a bitter person

But if you hadn't wasted all that money on showing off to your friends and family what a big spender you are (compensating for something perhaps?) - you wouldn't need to be borrowing the money to finish repairing your house would you. So you are having a wedding that you clearly can't afford.

NaturalBornHustler

imoneyop wrote: »

But if you hadn't wasted all that money on showing off to your friends and family what a big spender you are (compensating for something perhaps?) - you wouldn't need to be borrowing the money to finish repairing your house would you. So you are having a wedding that you clearly can't afford.

hardly - all my friends have new cars, i am still driving a 1990 registered car with 300k on the clock.

so people who enjoy life and have the odd splashing out moment are compensating for something? you really need to escape the virtual world!!
and incase you didnt read the OP, i have not started reparing the house - "buying a house which i cannot afford would have been more suited!" but i guess you are still strung over the fact I am having a somewhat "lavish" wedding... why are people on MSE so damn bitter / sour / hooked on irrelevant sections of posts!

AMILLIONDOLLARS

NaturalBornHustler wrote: »

glad you had a good time Cripes and glad there is someone on my wavelength!!

I will certainly ask Natwest
Provisional quote suggests the following

£20,000.00
over 5 years
Representative

7.5% APR
Interest rate

7.5% p.a. (Fixed)
will cost

£398.39 per month
Total amount payable:

£23,903.40

I will now see what the comparison is if I took 10k and the other half took 10k

:beer:

You and the other half could be associated on credit references records, so if you and they are credit searched at the same time, it may flag up to the lender that something is wrong! plus you may not get the represented rate

Now I've got to laugh, there are you both desperately trying to borrow money which you had all along, debt free:D You may have or will have a fantastic wedding, which everyone will enjoy, but you now both face the prospect of living in a renovation project this winter with a loan that you will have to pay off over the next five years at a higher rate that's advertised. It just does not make any sense!

AMD

PS. your question: why are people on MSE so damn bitter / sour / hooked on irrelevant sections of posts!

They are not, this site is to help others see the alternatives other than debts, and when someone like yourself comes on asking for help, we try to give the best advice that we can, a lot of us have been there, done that, and we have taken time out to ensure others do not follow in our footsteps. Fine if you want to go down this road, there is nothing we can do other than to wish you well, but should your circumstances change. We'll still give you advice on Debt Free Wannbe thread!! Good Luck for your future.

YorkshireBoy

AMILLIONDOLLARS wrote: »

You and the other half could be associated on credit references records, so if you and they are credit searched at the same time, it may flag up to the lender that something is wrong!

Lenders do not see financial associate searches when searching your file, so they wouldn't know the other party has applied for a loan.

...you now both face the prospect of living in a renovation project this winter

OP is living with parents until the house is finished I believe?

NaturalBornHustler

AMILLIONDOLLARS wrote: »

You and the other half could be associated on credit references records, so if you and they are credit searched at the same time, it may flag up to the lender that something is wrong! plus you may not get the represented rate

Now I've got to laugh, there are you both desperately trying to borrow money which you had all along, debt free:D You may have or will have a fantastic wedding, which everyone will enjoy, but you now both face the prospect of living in a renovation project this winter with a loan that you will have to pay off over the next five years at a higher rate that's advertised. It just does not make any sense!

AMD

PS. your question: why are people on MSE so damn bitter / sour / hooked on irrelevant sections of posts!

They are not, this site is to help others see the alternatives other than debts, and when someone like yourself comes on asking for help, we try to give the best advice that we can, a lot of us have been there, done that, and we have taken time out to ensure others do not follow in our footsteps. Fine if you want to go down this road, there is nothing we can do other than to wish you well, but should your circumstances change. We'll still give you advice on Debt Free Wannbe thread!! Good Luck for your future.

I suggest you read the OP and my associated posts on this thread as well as
https://forums.moneysavingexpert.com/discussion/4882594
which clearly states the renovation should be completed by mid April (before the wedding) so thankfully no wintery nights spent with rubbish and rubble! and as my OP clearly says, i want to clear the loan early (within a year) so spending 5 years clearing off a debt is out of the question

i merely asked if the lender would offer me less interest / penalized me WHEN I pay the loan back early but if MSE members cannot help,I have no option but to speak to a Natwest advisor!


thanks but if i EVER got into serious financial difficulty, Should that ever happen, i would simply remortgage my BTL which is free from encumbrances (mortgage free) and valued at just over 400k and gets a rental income of just over 2k (and rising) but again - thanks for your concern and I agree - having the one loan may be easier and for interest rate is not far off!

redcard

NaturalBornHustler wrote: »

due to complete in a few weeks
we actually earn close to 7k monthly (with the BTL) but after we complete, the outgoings would bring it down closer to 4k

yep - living back with mummy and daddy, sold my house years back before the "recession"
trying to pay rent and save in London :rotfl:- you clearly have no knowledge of the "real world"

Why not be honest with your numbers, why do you need to explain your situation with smoke and mirrors?

Basically, you've tripled everything to make yourself look like the man, haven't you?

NaturalBornHustler

YorkshireBoy wrote: »

Lenders do not see financial associate searches when searching your file, so they wouldn't know the other party has applied for a loan.OP is living with parents until the house is finished I believe?

thanks for reading my posts ! yep - we will both continue to live with parents until the work is complete!:j

NaturalBornHustler

redcard wrote: »

Why not be honest with your numbers, why do you need to explain your situation with smoke and mirrors?

Basically, you've tripled everything to make yourself look like the man, haven't you?

if you have a read of this post clearly without getting worked up, it explains our source of income - no smoke and mirrors - yellow card for you sir!!

pjread

well, 220k/4k/month = 55 months = under 5 years. A bit frugal but rather different to 55 years.