HELP needed on a secured loan

Delco22

Could someone help my wife and I sort out a secured loan. We used all our savings to built a house extension a couple of years ago and got it 80% completed as at the time we thought it would be better than a remortgage.
Now after two years we still haven't managed to get back on our feet so we spoke to a local mortgage advisor to get a remortgage who in turn said that all the high street lenders declined our application.
After conducting a credit search we found nothing major ( mortgage payment was late one month in six years) but we had a really low credit score? Our advisor has now told us that the only thing he can offer is a secured loan through Nemo personal finance who get terrible reviews online.
We where looking to borrow 23k on top of our mortgage which is 51k that would have been a 60% loan value on our house. I am a company director and take a small wage along with dividends while my wife is a stay at home housewife.

Any help or advise will be greatly appreciated.
Thanks

SammenForLivet2

No one on this board, can help you out (or should) with completing an application for a secured personal loan directly- since, this board is for our opinion - Sorry.

But we can give you some general advice. To be honest, you're in quite an exceptional case - with no 'real' guranteed sources of income - and any bank is likely to require to see, around three years of your companies (audited?) accounts. Are the dividends stable? What do you define as 'small wage'?

Have you any defaults or late payments on any of your other credit products? Could you wait until your late payment's drop off?
Perhaps take a look at the other advice, on this site, to improve your credit record.

Pixie5740

How does the mortgage broker know that all the high street lenders declined your application? Did he/she apply to every single one of them or is there something in your profile that doesn't meet the criteria i.e. being paid salary & dividends or affordability? Find out from this mortgage broker what exactly the issue is and then see if you can find a more flexible lender.

If you're getting paid salary (minimum wage?) and dividends I'm going to take a punt that you're a contractor. Does your mortgage broker specialise in contractor mortgages?

poppasmurf_bewdley

After reading the opening post, my immediate suspicion was that the local mortgage advisor you contacted was looking at the amount of commission HE would earn if you took out a loan with Nemo Personal Finance rather than through the normal channels.

On re-reading your post, I'm certain of it.

Gaz83

Go and see a different advisor. Your finances may be what's causing the problem, though - if you take home a relatively small salary and the rest in dividends, dividends aren't guaranteed. With your wife not working you may find that no-one will want to lend you an extra £23k.

DCFC79

The OP's other thread from the mortgage board.

Clive_Woody

privateinvestors wrote: »

Do you need a loan? and do not know where
to get a loan is the solution to get here. We offer all
types of loans to businesses and individual, for more
information please contact us for a quick loan
via mail: priavteinvestorss@gmail.com

Is this one of those Nigerian Prince type loans?


A lender with a gmail address for contacting them....what could possibly go wrong there.....?

bigadaj

Clive_Woody wrote: »

Is this one of those Nigerian Prince type loans?


A lender with a gmail address for contacting them....what could possibly go wrong there.....?

Yes, I'm always wary because I haven't got many uses for a Nigerian prince.