what is the best way to get a loan

joepublic_2

I am looking to get a loan to purchase a house abroad as an investment. I have two grand cash and want to get a loan for around ten grand. I dont have any late repayments or anything bad on my credit histories but do have too little credit history [three loans and a mobile and an unused credit card i think]. I am living with my parents at the moment so i dont own my own house and to make matters worse i am self employed. I want to save having too many credit checks but without going to the highest interest loan so that i wont be turned down. From reading various articles on here, it seems the best options are cahoot, egg and goldfish.
Is there anyway of finding out if i would be accepted with being credit checked or which wouls be the best bet?

Debt_Free_Chick

joepublic wrote:

Is there anyway of finding out if i would be accepted with being credit checked or which wouls be the best bet?

Unfortunately not. Each lender has their own "scoring" criteria. For some, self-employed would be scored low, for others not a problem. Your credit record helps, but it's not the only criteria.

You'll have to "risk it" and see what happens. However, a loan for property will normally see the lender want to take a charge over the property i.e. the loan is "secured" so the lender can repossess the property if you default. And most UK lenders will not secure against an overseas property as it's more difficult to repossess (legally) and more expensive.

would it not be better to buy your own place in the UK first?

joepublic_2

thats well out of my reach at the moment. This was my way of eventually getting on the uk market!