Can't get a loan due to banks changing affordability criteria for contractors

Rachylady

I've just learned that I can't take out any additional lending against my mortgage or a personal loan because lenders have changed their affordability criteria, and especially for people on fixed term contracts who are now considered high risk. (I work in the charity sector.)
I have essential repairs that need to be carried out on my property before winter and can't seem to find any options for borrowing. Does anybody have any suggestions?
Also the contractors that have quoted for the works don't take credit card payments so that's not an option either.

foxy-stoat

You may be better off finding a business that does take credit cards, or get a card with a money transfer option.

Brock_and_Roll

Doubly high risk....contractor and charity sector - so I doubt getting a loan will be easy, or possibly even wise.
How much money just to get the place watertight for winter? Might be able just to take cash out on your credit cards then cut spending and save like hell.

[Deleted User]

The banks are quite rightly protecting you from yourself. I'd imagine you would be really upset if they lent money to you and then defaulted you and gave you a CCJ because you couldn't pay it back due to job loss. 

Rachylady

camelot1971 said:

The banks are quite rightly protecting you from yourself. I'd imagine you would be really upset if they lent money to you and then defaulted you and gave you a CCJ because you couldn't pay it back due to job loss. 

I understand why the banks have changed lending criteria I'm not disputing that, the programme i work is on funded by the NHS and funding is already allocated for the length of my contract so my job is not at risk. I'm not a contractor in the typical sense that the banks are considering and if work on the property isn't carried out before winter the damage to the stone work could be extensive, so either way I need to find the money to get it done.

MovingForwards

What work is needed to avoid damage to the stonework over winter?

Thrugelmir

While criteria may well have tightened (unsurprising given the broader economic picture), a fixed term contract is going to limit your options for obtaining finance. When does your contract expire? 

comeandgo

If you need money is a part time job a possibility?  Or you could use a credit card now for all your expenses, council tax if allowed, and pay the minimum, put your cash saved into a savings account out of harms way.  You can use the cash to pay for the work needed.  You then get a credit card on 0% transfer and pay it off.  I'm assuming you would be looking at November to get the work done giving you a few months to save.

MinuteNoodles

The stone  work will be fine. I pass lots of hundreds of years old barns and sheds on the Cumbrian hills most weeks in all weathers and they've had zero maintenance for decades and the one thing still standing just fine is the stone work. Where it isn't fine is where the roof has caved in and taken some of the top layers with it but other than that, the rest of it is standing just fine.

Grumpy_chap

On what basis do you do your contracting work?  PAYE employed, sole-trader self-employed, or own Ltd Co.?
I am just trying to think whether you would be eligible for BBLS.