A question of loans

[Deleted User]

No one sees your score. It would be meaningless even if they could. They just look at the information on your file and make a decisions based on that. That information will include searches.

Wulfrune

Deleted_User wrote: »

That information will include searches.

So, the more you search and apply, the worse it is for you?

[Deleted User]

As a general rule, yes, as it can imply desperation. But a small number done simultaneously should have the smallest effect.

Wulfrune

Deleted_User wrote: »

As a general rule, yes, as it can imply desperation. But a small number done simultaneously should have the smallest effect.

Ok, I think I've got the information that I need, thank you.

Indeed, thank you all.

We can consider this matter closed.

Thanks

Wulfrune

foxy-stoat

Wulfrune wrote: »

Why not? are you making a misguided assumption that just because one doesn't have savings then one has to be a financial moron?

No, you made the assumption that one has to be a financial moron if they have no savings.

I made the assumption that if you have no savings then you are spending what you earn. £50K gross is around £3000 a month take home. So if you have no savings then you have no money left 1 day before payday, so your spending £3000 a month on living. Baring in mind that you were aware of the forthcoming works, possibly months in advance, one would of assumed that you would of starting saving a while back rather than waiting for the bill to come through the door, but thats just me.

If you have an additional £270-£315 a month to pay then you can either not afford the loan or you will have to change your spending habits or lifestyle to afford the loan.

Anyway I hope you find a lender at a reasonable rate, I think you have enough advice on this thread now....maybe try and get a couple of zero % balance transfer credit cards and juggle them for 6-12 months and pay down as much as you can, you may end up paying no interest only the transfer fees if you can pay big chunks off.

poppasmurf_bewdley

foxy-stoat wrote: »

No, you made the assumption that one has to be a financial moron if they have no savings.

I made the assumption that if you have no savings then you are spending what you earn. £50K gross is around £3000 a month take home. So if you have no savings then you have no money left 1 day before payday, so your spending £3000 a month on living. Baring in mind that you were aware of the forthcoming works, possibly months in advance, one would of assumed that you would of starting saving a while back rather than waiting for the bill to come through the door, but thats just me.

If you have an additional £270-£315 a month to pay then you can either not afford the loan or you will have to change your spending habits or lifestyle to afford the loan.

Anyway I hope you find a lender at a reasonable rate, I think you have enough advice on this thread now....maybe try and get a couple of zero % balance transfer credit cards and juggle them for 6-12 months and pay down as much as you can, you may end up paying no interest only the transfer fees if you can pay big chunks off.

What Foxy has said above makes a great deal of sense.

It was the first thing I though of when I read your opening post - where is the OP's savings if he's on £50k a year.

Your posts imply that you are earning well - and spending everything you earn. If you have no savings, this must be true. So the question is: If you have no savings, what spending will you be cutting to pay off the loan?

foxy-stoat

https://forums.moneysavingexpert.com/discussion/5445934

Looks like OP needs to take out a loan with minimal early repayment charges, annual interest rate wouldnt matter too much as they would clear the loan once the flat is sold. There is more than enough equity in the property to clear the new loan and buy the next house.

27col

You could always try Zopa for a loan.

redpete

Wulfrune wrote: »

We can consider this matter closed.

You might, others of us might not.

Wulfrune

redpete wrote: »

You might, others of us might not.

If you feel you can add something, feel free, it's a free forum. All I was trying to do was tell people that there's no need to assist me in the matter any further. Of course, if you wish to continue the topic, you're more than free to do so. But, I don't think that was your point.

Anyway

Fill your boots.