24K Loan

cactus84

Our credit reports are both in the good and excellent category. We've had an Halifax mortgage for over a year now and no missed payments. The only negative on both our reports is the hard search for the remortgage which we never consented to as obviously we had to put a stop to the mortgage option due to the council. We have raised a dispute with Experian and Halifax to remove this.

We didn't get the loan. The negative may have gone against us but I can't be sure yet... I'm in the process of writing to Halifax for the exact reason. The guy at Experian said he saw no reason that we would have got refused based on our reports, even with the negative search on.

Not best pleased!!

DCFC79

cactus84 wrote: »

Our credit reports are both in the good and excellent category. We've had an Halifax mortgage for over a year now and no missed payments. The only negative on both our reports is the hard search for the remortgage which we never consented to as obviously we had to put a stop to the mortgage option due to the council. We have raised a dispute with Experian and Halifax to remove this.

We didn't get the loan. The negative may have gone against us but I can't be sure yet... I'm in the process of writing to Halifax for the exact reason. The guy at Experian said he saw no reason that we would have got refused based on our reports, even with the negative search on.

Not best pleased!!

The guy at Experian isn't a lender though and Im not sure Halifax have to tell you the reason why but no harm in asking.

cactus84

No he isn't but he advised me to ask Halifax as they have to tell you the reason why if the customer asks. Even Halifax said the same on the letter we got.

dktreesea

Suarez wrote: »

I've never missed a payment on anything and have a mortgage with halifax (For the last 3 years) so that possibly helps. I did it online. The decision was almost instant.

You have to login to your account before you start the process and they give you a personalised quote with rates. Fill a few details then click a button and the amount was on my bank account within the hour.

That's pretty good going. Our bank does this as well, i.e. unsecured loans for 3.90% up to, I think from memory £25k, if you are an Advance customer or better and have a mortgage with them (HSBC).

cactus84

Yeah sound good. Just doesn't make any sense why we got refused when they would gladly give us 24k on a remortgage with similar repayments.

dktreesea

cactus84 wrote: »

Yeah sound good. Just doesn't make any sense why we got refused when they would gladly give us 24k on a remortgage with similar repayments.

I know this is going to sound counter intuitive but it could be because you don't have any other loans or debt, just the mortgage. It's a bit like having a credit card which you pay off every month, basically using the bank's money for free, then getting miffed when they cut your credit limit for £10k to £5k.


You ought to go into the branch and ask for a "please explain". Keep in mind, you're the customer, not them. They stand to make a few grand with you if you go ahead with them. Or to lose the mortgage and your salary being banked every month when you re-mortgage and take you business elsewhere.

cactus84

We appealed and we got it.

They said they couldn't work out why their system refused us. as i said before, our reports are fine and our financial situation is great. Just goes to show that if you are determined to get something you'll do what's possible to get it.

Thanks to all those who replied.

yuiop220

andrewjack21 wrote: »

I am buying a piece of property for 24K. I can either pay over 10 years at 10% interest or borrow from my credit card to pay down up to 20K. But then, in addition to the payments on the loan, I have to pay back the CC. My disposable income after rent and utils etc is around 3K. If I plan on paying off the loan using all of my disp. income, would it make any difference if I used the CC loan in addition? I guess it's just a matter of running the numbers.

Burrowing 24k over 10yrs at 10% is horrific. I would save hard for a year and you should easily have £24k. If not I would burrow the £24k over a year or two period instead.

cactus84

10% is awful, surely there's a lower rate. I'd shop around for the best rate and you'll be surprised what rates you can get.