personal loan to buy house in cash

dealer_wins

tell_it_how_it_is wrote: »

"Location: Kilburn London". Nuff said!!

Kilburn is nice, once or twice a year at least!

chambta

chalkie99 wrote: »

Crazy as the OP's thinking may be, the two statements made above are, at best, an urban myth.

There have always been posts about lenders working to 50% of earnings rule, so many that I accepted that as true, and there have been several on various threads in the last few days.

However, recent experience has shown differently. A family member wanted to apply for an 8k loan on a 7k annual salary (part time worker, no other income) and to add to the problem they are not a house owner. I tried to prepare them for disappointment but stood and watched while they made an online application.

To my great surprise the loan was instantly approved (with their own bank) at the headline rate of 4.5% APR and the money was in their account the next morning.

That 4.5% is actually less than the SVR mortgage rate I have with the same bank.

I'm not suggesting that this applies to the OP or is even a good idea for anyone but others should be aware of the inaccuracies sometimes presented as fact.

You're absolutely right.