Getting a Loan with no Visa

Txerja

DCFC79 wrote: »

No I don't know of a lender who would help in the situiation.


If the VISA issue is a requirement across all financial institutions then answer is going to be no isn't it.

Thanks for your words. Now that you mention financial institutions, would you know if P2P lending would check visa? I am assuming this is not a problem to you guys as you all are Brits but it is something that (we) foreigns need to consider (and I completely understand, of course)

Kind regards

Txerja

Gaz83 wrote: »

No-one has the right to credit.

You need to find a new plan.

Very true.

True. I have already checked credit cards, which credit limit is clearly not enough. I am assessing a loan through this post and I am going to check P2P lending as well. I will keep exploring any (legal) option.

Kind regards, thanks

BrassicWoman

Txerja wrote: »

Hi BrassicWoman,

Thanks for your reply. I am a citizen of a country of the EU. I am also applying to “Settle Status” in 14 months. We are saving my credit score because I would the one applying to a mortgage.

Kind regards

Mm. Think you might be trying to have your cake and eat it too. Trade off between awfulness of interest rate vs keeness to buy a house I think. Need to choose one prioirty...

AnotherJoe

Txerja wrote: »

Hello foxy-stoat,

Thank you very much for your response. Education would be around 10k but we are looking to pay for debts no more than £300/monthly. If we do not consolidate, it would be £300 + £250 (current). Additionally, interests are very high in her (American) education.... and we would like to slash them by gettin a loan (3 to 6% is quite acceptable for us)

Any lender you could think of?

Kind regards, thanks in advance

Yes, you spring to mind as the obvious choice. You could loan to her at a very advantageous rate.

Candyapple

Txerja wrote: »

We are saving my credit score because I would the one applying to a mortgage. I have been advised privately and by my bank (HSBC) that there should not be any problem in doing this.

You do realise that there is no such thing as a credit score in this country? There are lots of countries where they do use scores (e.g. USA) but in the UK, lenders do not see your credit score - it's a marketing tool created by credit reference agencies used to sell their premium services. In the UK, only your credit history counts.

Lenders do, however, see your credit history which is (should?) be an accurate record of credit accounts and applications for credit.

Your eligibility is not solely based on one factor; any combination of the following factors might be taken into consideration:

- amount of existing debt
- amount of existing available credit
- history of settled accounts
- history of incurring defaults
- number of recent applications for credit
- age
- whether single, married, widowed, separated or divorced
- whether home-owner, tenant or living with parents
- whether you're on the electoral register
- current employment status
- length of time with current employer
- salary

This is by no means an exhaustive list and how each credit-provider assesses you is different; some companies may not consider many of these factors, some may consider even more. Certain factors may not carry any weight and some might dictate the decision-making process completely - you'll never know.

There is no one rule and the only way you'll know is if you apply and are accepted; ultimately, it's up to each company whether they want to give you a loan or not and on what terms. They have no obligation to lend to anyone nor explain or justify their lending criteria.

If you are going to be applying for a mortgage in the near future, I presume you have substantial savings? Will your partner be going on the mortgage too?

Txerja

AnotherJoe wrote: »

Yes, you spring to mind as the obvious choice. You could loan to her at a very advantageous rate.

Her credit limit (with me as a lender) was reached and breached quite some time ago. :rotfl:

Cheers!

Txerja

Candyapple wrote: »

You do realise that there is no such thing as a credit score in this country? There are lots of countries where they do use scores (e.g. USA) but in the UK, lenders do not see your credit score - it's a marketing tool created by credit reference agencies used to sell their premium services. In the UK, only your credit history counts.

Lenders do, however, see your credit history which is (should?) be an accurate record of credit accounts and applications for credit.

Your eligibility is not solely based on one factor; any combination of the following factors might be taken into consideration:

- amount of existing debt
- amount of existing available credit
- history of settled accounts
- history of incurring defaults
- number of recent applications for credit
- age
- whether single, married, widowed, separated or divorced
- whether home-owner, tenant or living with parents
- whether you're on the electoral register
- current employment status
- length of time with current employer
- salary

This is by no means an exhaustive list and how each credit-provider assesses you is different; some companies may not consider many of these factors, some may consider even more. Certain factors may not carry any weight and some might dictate the decision-making process completely - you'll never know.

There is no one rule and the only way you'll know is if you apply and are accepted; ultimately, it's up to each company whether they want to give you a loan or not and on what terms. They have no obligation to lend to anyone nor explain or justify their lending criteria.

If you are going to be applying for a mortgage in the near future, I presume you have substantial savings? Will your partner be going on the mortgage too?

Thank you very much for the information. Really useful.

My idea is to apply to a mortgage within the next future with 12-15% LTV. I would include my wife but we have already been told that no visa-no mortgage so, most likely, will be only on my name. I still need to ask my Indian colleagues how do they do it.

Kind regards

AnotherJoe

Txerja wrote: »

Her credit limit (with me as a lender) was reached and breached quite some time ago. :rotfl:

Cheers!

Said in jest no doubt but that says it all doesn't it? Yet you expect a commercial company to loan to her ? At less than 6%.. with a visa that expires before the loan ends?
Wil you be buying unicorns with the loan ?

Txerja

Hello you all,

As we are currently banking with NationWide (and we could not be happier with it), she decided to quote a loan. I mentioned before that her credit score (and repayments) were excellent. These are the numbers:

Loan Amount: £13,550
Term: 48 months
APR: 3.0%
Monthly repayments: 299.68
Total loan interest: £834.64
Total amount payable: £14,384.64

Of course, at the top of the screen there is a sentence:
"To complete your loan application, we'll need to see proof of: *Right to live and work in the UK for XXXXX YYYY ZZZZ""

It is not specifically mentioning that it needs to cover the length of the loan. She has the right to live an work in the UK but with an expiry date prior to 48 months.... However, I would not risk a rejection and a hard check (this quotation implies a soft check only)

On the other hand, I have quoted myself (barely indebted and very good numbers, payments, etc.) and I got 3.2% APR. No visa information is requested at all. So it would be a matter of going through the figures, weighting the options and maybe requesting it on my name and she paying back month after month. Do you think that a loan of this kind (thinking always of overpaying £75-100 per month) would affect substantially a mortgage?

The lesson learned here is that the bank knowing you the best is the one you bank with. I don't think they have taken into account any credit score reference. However, they know very well our payslips, payments, outgoings, credit card behaviours, savings... and they are in the position of offering 3.0% or 3.2% APR. In my view, very low interest rate. Obviously, to have a good credit file is essential as well.

I hope our little story helps.

Kind regards

[Deleted User]

Txerja wrote: »

I don't think they have taken into account any credit score reference.

They're not able to, because it's a secret between you and the CRA. They'll never see it.

They can only ever take your credit history and circumstances into account.