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Confused about which of us should apply for a loan
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Hi
My husband and I are in the end stages of converting our current residential mortgage into a BTL and buying another house to live in.
The new house requires cosmetic upgrading and we've calculated that we will need approximately 12k for this which we want to loan.
My salary is 28k and OH's is 23k. He has an 8k car loan through our bank and I have a 4k car loan (hire purchase). I figured that I would get the loan in my name as my salary is higher and I have less debt.
However I've ran a few soft searches for loans (money supermarket, nationwide, sainsburys) and they all say OH has a better chance of acceptance. Sainsburys actually says they wouldn't consider me at all.
Looking at our credit reports, OH has a lot more available credit than me (open, zero balance credit cards). Mine also has 2 "negative indicators" which say I've applied for credit recently and I have rotating credit that's less than ten months old. I think these both relate to my new mobile phone contract. OH's has no negative indicators.
Everything seems to be pointing to getting the loan in OH's name despite my higher income and lower debt so is this what we should do or am I relying too heavily on the soft search results?
Any advice is appreciated.
My husband and I are in the end stages of converting our current residential mortgage into a BTL and buying another house to live in.
The new house requires cosmetic upgrading and we've calculated that we will need approximately 12k for this which we want to loan.
My salary is 28k and OH's is 23k. He has an 8k car loan through our bank and I have a 4k car loan (hire purchase). I figured that I would get the loan in my name as my salary is higher and I have less debt.
However I've ran a few soft searches for loans (money supermarket, nationwide, sainsburys) and they all say OH has a better chance of acceptance. Sainsburys actually says they wouldn't consider me at all.
Looking at our credit reports, OH has a lot more available credit than me (open, zero balance credit cards). Mine also has 2 "negative indicators" which say I've applied for credit recently and I have rotating credit that's less than ten months old. I think these both relate to my new mobile phone contract. OH's has no negative indicators.
Everything seems to be pointing to getting the loan in OH's name despite my higher income and lower debt so is this what we should do or am I relying too heavily on the soft search results?
Any advice is appreciated.
0
Comments
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If the loan is for your property, why not make it a joint loan? That might improve things.
Alternatively, take out a smaller loan and do the work in stages, as you can afford it.Some days, it's just not worth chewing through the leather straps....
LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
May grocery challenge £45.61/£1200
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