Help with loans

Brooker1996

Hi there, I'm 20 years old and earn £25000, live with my nan and grandad and work in London. Nobody will accept me for a £10000 loan which I want to put towards a mortgage for my house in Spain. I have 10k saved up, and the house is worth £75000 roughly. My credit score is 378..? And I just recently got a credit card to build my score up. I don't understand why Sainsbury's don't accept me. I have no rent, no bills and 0 debt. Can someone give me some advice on what to do next? I plan on buying my house in Jan 2018, so another few months left... Thanks!

P.s. When they ask, for what do you need the loan. I always put (Car purchase)... Is this wrong? Or should I tell them for a Mortgage... I will pay it off, that isn't a problem.

[Deleted User]

Too low an income plus a lack of credit history, probably.

Also, you won't get a loan for an overseas mortgage, but you should also avoid committing fraud by putting car purchase.

Start saving.

Arleen

If you put down "car purchase" when you don't want the money to purchase a car, you are, more or less, committing a fraud. Getting a CIFAS marker on your file is sure not a great way to start building it.

Also, how do you plan to fund the remaining 55k? Quite sure that no respectable mortgage company will take a loan as a deposit on another loan.

DCFC79

Brooker1996 wrote: »

Hi there, I'm 20 years old and earn £25000, live with my nan and grandad and work in London. Nobody will accept me for a £10000 loan which I want to put towards a mortgage for my house in Spain. I have 10k saved up, and the house is worth £75000 roughly. My credit score is 378..? And I just recently got a credit card to build my score up. I don't understand why Sainsbury's don't accept me. I have no rent, no bills and 0 debt. Can someone give me some advice on what to do next? I plan on buying my house in Jan 2018, so another few months left... Thanks!

P.s. When they ask, for what do you need the loan. I always put (Car purchase)... Is this wrong? Or should I tell them for a Mortgage... I will pay it off, that isn't a problem.

No 1 is entitled to a loan.
You can be rejected by any lender.
Going by the posts on here Sainsburys seem to be strict.

Why in jan 2018 ?

The price could go up between now and Jan next year.

Your best bet and your only bet is to save up.

Surely it should be doable with what you earn and what you pay out in bills, seriously no rent or bills so no mobile phone, travel expenses ?

Really doable with no bills.