Trying to get a mortgage with a 20k personal loan!

Stripeytiger2018

Thank you xx

[Deleted User]

Stripeytiger2018 wrote: »

When he got the 20k loan it's showed as 26k to be repaid (with interest) he paid 3k off it so the balance is £23k.

He needs to ask for a settlement figure. It's not 23k.

csgohan4

Newbiejono wrote: »

I dont see the problem that you got a car loan. most people. as long as you can meet affordability ?

Car loan just before a credit check for a mortgage? especially with that income, Are you kidding me?

Stripeytiger2018

If he asked for a settlement figure what do you think it's likely to be? Given the loan was 20k

Nebulous2

Stripeytiger2018 wrote: »

If he asked for a settlement figure what do you think it's likely to be? Given the loan was 20k

Check his terms and conditions? Ask them? If he has an online account it may say on there.

If he paid off £3k cash it's likely to be around £17k. They are able to charge two months interest if you repay early, but not all lenders do. So they will deduct all the interest, except for at most two months, from the £26k. They'll also deduct the £3k already paid.

Stripeytiger2018

His argument is that even if he sells the car and re pays the loan he won't get 20k for it and he will still owe them money and have no car. I said yes but owing 2k is better than owing 20!