Secured Loan??

SJMBWOODS

Hi,
We will be purchasing our home in full without a mortgage early next year. This will be done with some inherited money. We would like to take out a loan of approximately 50k for an extension and other home improvements. My credit score is fair and my wifes is poor. What would be our best option for the loan? Any advice is welcome and appreciated. Thanks.

[Deleted User]

Your credit scores have no relevance What are your credit files like?

And what are your incomes?

SJMBWOODS

My credit file is not too bad where as my wife... not the best to say the least.
As for income i am 46k and my wife approx 14k. Thanks.

[Deleted User]

Do you have defaults? CCJs? Late payments? Existing debts? Well managed credit lines?

Are you financially associated?

SJMBWOODS

i have one default for £36 !!!!
my wife does have CCJs. We are not financially associated at the moment but i guess we will be once the purchase of the house goes through.

[Deleted User]

SJMBWOODS wrote: »

i have one default for £36 !!!!
my wife does have CCJs. We are not financially associated at the moment but i guess we will be once the purchase of the house goes through.

You are only financially associated through credit. Not via a cash purchase.

Your best option will be a small mortgage to help but the house and retain the 50k of savings. I suggest you do this in your name only.

SJMBWOODS

Sorry apart from the CCJs all current payments are up to date and no major debts just a couple of hundred on a credit card that will be clear this month. All recent history is good.

SJMBWOODS

Thanks for the advise. it really is appreciated and i will look into this option.

[Deleted User]

Might be an idea to use a "whole of market" broker.

Thrugelmir

Post on the Mortgages and Endowments board. There'll be an option somewhere in the market given the smallish mortgage you require.