Covering the cost of moving house

DK412

I'm looking for a flat to move into in London from a place I currently live in Hertfordshire, however a payment I was awaiting on has been delayed and as such I need to cover the initial costs of deposit etc, but will be back on my feet within a month or two maximum, so I want to take out a loan of some sort to cover that cost, but I've never even looked into this sort of stuff and don't know the ins and outs so wondered if any of you could answer a few questions for me.

1. I've just finished an undergraduate degree, so is a credit card, a credit union, undergraduate loan, or an extension on an overdraft my best choice?
2. As I'm on a strict schedule and need the loan in the next week or so, which has the shortest waiting time? And what is it?
3. I'm currently unemployed and have applied for Universal Credit, however the payment has been delayed and the amount I'll be getting per year will be different once I've moved, and I'm going to be fervently looking for a job between now and then too, so when applying for a credit card I have no idea what to put down as yearly income, suggestions?
4. The costs of London are obviously much more than Herts, so I feel like when I apply I need to state that I'm living in London but I don't have an actual place to live yet, so I don't have an address to put down, is this an issue?
5. I've heard that if you apply for a credit card and don't get it, it can affect your credit rating, so I'm nervous to even apply when I know so little about it all, so any advice on any of these things would be so appreciated .

Sorry for such a long post, I'm just a little lost on where to look and what to look for, and I don't want to ask banks and credit card companies etc because I feel like it's not going to be an unbiased answer.

Thanks for giving me your ear, and any advice really is invaluable.

[Deleted User]

If you're unemployed, you won't be able to get a loan or credit card.

Can your parents help?

DK412

Unfortunately not no, so credit union and credit card out of the question then? What about an extension on an overdraft/an undergraduate loan?

Pixie5740

With no income your chances of being accepted for a credit card or loan are slim to none. You'll also find it difficult finding somewhere to rent in London with no income. People in employment can find it difficult to rent in London.

Where are you living just now? With your parents? In a houseshare? Both financially and practically speaking you're probably best remaining where you are whilst you find a job. Lots of people commute from Hertfordshire into London every day so you could do that to start with and then maybe look at moving to London when you're more financially stable.

DK412

I'm currently in a house share but our tenancy ends at the end of this month, the only reason we left it so late to look for somewhere is because everywhere seemed to be a move in now deal in London, and paying two lots of rent wasn't really an option...So is a graduate loan just a no go? I presumed the purpose would be exactly because you don't have a load of money just after you graduate and it helps you get a job etc?

DK412

Also, would Universal Credit not count as an income? Despite being benefits, it's still money coming in to afford the repayments? Or is it a huge red flag to whoever's loaning me money?

[Deleted User]

I agree with Pixie.

Re-reading your post, you don't seem to have a job, an address or a plan of what you're doing, but you're working to a "strict schedule".

What's the wider picture? Think we need to take a step back here.

Pixie5740

You still need to have an income for a graduate loan, being a graduate alone isn't enough. For example, HSBC offer graduate loans and this is their eligibility criteria...

Eligibility requirements
Our Graduate Loans are offered exclusively to HSBC customers.
To apply for a Graduate Loan, you need to have an HSBC current account, be 18 years or older and a UK resident. You also need to be within 5 years of graduation. Please note, we may ask you to provide proof of your graduation when you apply.
See other things you should know before you apply.
Available for five years after graduation to customers who are currently (or were previously) on our Graduate service.
Have an annual income/pension before tax of £10,000 or more

DK412

Deleted_User wrote: »

I agree with Pixie.

Re-reading your post, you don't seem to have a job, an address or a plan of what you're doing, but you're working to a "strict schedule".

What's the wider picture? Think we need to take a step back here.

I've just finished uni, I was working at a bar until recently when I had to quit to focus on university, I'm looking for a job in London in video editing, but chances are it's going to be low to no pay for a while at least, I've done a Universal Credit calculator quite a few times and it seems I'll be getting about 18k in London, which covers the cost of rent and bills etc with a bit left over, so that isn't an issue for the short term. I don't have an address because myself and the two people I'm moving in with couldn't afford to pay rent on our current address and a new address in London at the same time, so it's a strict schedule because my tenancy runs out at the end of the month here and we don't have a place to move into yet, though we're looking now, though I need a loan of some sort to afford the initial transition I'll be able to afford rent etc once I'm there.

I hope this answers some questions at least?

DK412

I know it seems like a stupid statement but, if my Universal Credit allowance is 18k, why would that not count as income?

DK412

Also, apologies for my ignorance but I can't work out how to delete the posts in the other threads.

And yes, I don't have much knowledge in loans etc because it's the first time I'm encountering anything like this, so apologies if I appear frustratingly naive.