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want a loan but house is in my wifes name
mahall1988
Posts: 14 Forumite
in Loans
me and the wife have been discussing finally fixing the house up. we need a proper kitchen in and the bathroom is in a right state.
so we have decided to get a loan.
the problem is the house is in my wifes name and she only brings in about £5000 a year, where as i earn £27,000. i have a CCJ on file so i dont think i would get a unsecured loan.
how do i go about getting a secured loan even though the house isnt in my name. my wife thinks a mortgage is the right way but im doubtful.
any advice or ideas who would likely give us a loan?
so we have decided to get a loan.
the problem is the house is in my wifes name and she only brings in about £5000 a year, where as i earn £27,000. i have a CCJ on file so i dont think i would get a unsecured loan.
how do i go about getting a secured loan even though the house isnt in my name. my wife thinks a mortgage is the right way but im doubtful.
any advice or ideas who would likely give us a loan?
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Comments
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You can't get a secured loan on a property owned by your wife.
It is very unwise to obtain a secured loan due to the consequences of non-payment.
You already have a ccj but if you fail to pay a secured loan you will not only get a ccj; you will be homeless.
If you want a new kitchen/bathroom then save up for it.0 -
As already advised, you cannot secure a loan on an asset that you do not own, which is actually saving you from making a poor decision. Saving is likely to be your best option.0
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Can you not get a joint loan, where both you and your wife are responsible for paying it back? Then maybe your income and your wife's property will count.0
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As others have said you cannot get a secured loan with an asset not in your name and if you have a CCJ you won't get a decent rate anyway. Your wife's income is a problem due to affordability. I think you will need to save up. When was the CCJ taken out and is it now satisfied?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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Look at the sums for the loan and how much you would need to pay back, put that money into a savings account every month and then use that money
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Do some of the work yourselves. New floor covering, new wall tiles, maybe new cistern, new valves in it, new taps, maybe new wash basin, could cost only a few hundred quid, and you don't need to do it all at once.0
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