Sinking like a ship! Please help!

funky1471

I would think that a joint application would improve your chance of success.

If I remember correctly your credit rating would be classed as "fair" or "needs improvement" with that score?? something like that? If so you will struggle to get a loan with a good rate.

grey_lady

The RIGHT thing to do is pay back the family friend with the money you have (deposit) and then get a bigger mortage or wait until you have saved up some more cash.

I doubt you will get a loan through a joint app or not.
By all means apply for a couple of credit cards if you dont care about being hammered on the interest rates but it seems unlikely as you've already been turned down.

It's something i've noticed, and im sure you will to at some point - when you dont need to borrow money they throw offers of loans at you and CC at 0%
but when you do - no luck.

firesidemaid

why not give the amount out of your saved deposit and then save/earn like crazy for the next couple of months or so with your partner?

ebay lots, take on extra work (temp/locum if necc) and reduce all unneccessary spending - it will save all the bother of even applying for loans.

flizzmo

Hello,

Sorry, but are you suggesting I pull out of my mortgage, which as I've explained, is due to complete in a week or so and pay the amount owed with that money? The mortgage arrangement fees were over 3,000 alone, not to include all the solicitor fees, etc. Is this really a sensible suggestion which I should take on board? The house I've purchased has risen by over 10,000 in the area in which I've purchased -- it's a good long-term investment.

Logically, even if I did this, I'd still be financially relinquished of over 4,000.. which is about the same kind of money lenders like FLM and WFS are wanting.

Thanks.

jonesMUFCforever

I think what people on here are thinking is that you pursued your dream of owning this house in the full knowledge that you had this outstanding debt beforehand.
If your house has increased in value could you go back to your mortgage lender for a further advance?

butch_dingle_2

this is surely a troll.

They can afford to pay 3 grand in arrangement fees for a mortgage, but then seem to have problems when a friend asks for 6 grand back ?

c'mon, move on, nothing to see here......

flizzmo

butch_dingle wrote: »

this is surely a troll.

They can afford to pay 3 grand in arrangement fees for a mortgage, but then seem to have problems when a friend asks for 6 grand back ?

c'mon, move on, nothing to see here......

Ironic you should say that, since you've given no solution and instead, have tried to berate with your peanut-gallery, armchair-warrior filler and lame assertions.

I've told you that I had money saved up for my mortgage, and the amount requested by the friend is a request that's only been made recently. Now, are you going to be evasive to such simple logic? How clearer can I get? Is this an instance of where I'm going to have to pre-chew segments for you to digest, butch_dingle? Please do yourself a favour and don't interrupt when the adults are having a conversation.

Thanks!

butch_dingle_2

flizzmo wrote: »

Ironic you should say that, since you've given no solution and instead, have tried to berate with your peanut-gallery, armchair-warrior filler and lame assertions.

I've told you that I had money saved up for my mortgage, and the amount requested by the friend is a request that's only been made recently. Now, are you going to be evasive to such simple logic? How clearer can I get? Is this an instance of where I'm going to have to pre-chew segments for you to digest, butch_dingle? Please do yourself a favour and don't interrupt when the adults are having a conversation.

Thanks!

the adults were having a conversation, they were telling you not to commit to this mortgage and instead pay back your priority debts.

the child was the one who wasnt listening.

Incidentally I have had many a mortgage in my time, and dont ever recall having to pay 3 grand in arrangement fees. If this is true it is maybe indicative of the level of risk you are exposing yourself to, and an illustration of your current perilous financial position. Maybe you should take heed to the advice before its too late.

Dylanwing

Personally, I agree with you that pulling out of the house transaction is probably not the best bet, very easy to suggest when anonymously sat at a PC, but in your position I would certainly be trying to avoid that option - Personally, I would head to one of the loan comparison site (Moneysupermarket.com is the one I use), enter your details honestly, and see what options it comes up with - It worked for me, and will let you know what is likely to be available. With the current problems, I'm not sure what the secured loan market is like, but you could also try that if all else fails. The TV advertised ones do 'consider all circumstances' so you might be OK.
I hope you find this helpful, and good luck, hope you get it sorted and the house purchase goes smoothly.

maninthestreet

flizzmo wrote: »

Hello,

Sorry, but are you suggesting I pull out of my mortgage, which as I've explained, is due to complete in a week or so and pay the amount owed with that money? The mortgage arrangement fees were over 3,000 alone, not to include all the solicitor fees, etc. Is this really a sensible suggestion which I should take on board? The house I've purchased has risen by over 10,000 in the area in which I've purchased -- it's a good long-term investment.

Logically, even if I did this, I'd still be financially relinquished of over 4,000.. which is about the same kind of money lenders like FLM and WFS are wanting.

Thanks.

Your credit score was obviously good enough to secure a mortage - how much is this mortgage for? What will the monthly payments be? Perhaps the lenders to whom you are applying for the £6000 unsecured loan can see that you have also applied for, and been approved for, this mortgage, and are unwilling to lend you any more money at this stage - what are the likely monthly payments for this £6000 unsecured loan?

Having said all this, have you tried www.zopa.com ?