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In general, is it possible to have two personal loans from different lenders at same time?
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BrassicWoman said:I am very confused about why a simple mortgage in your own name is not possible. Seems easiest?0
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cymruchris said:Adams18 said:cymruchris said:You can have as many personal loans with as many different providers as you like - but all subject to your credit history. If for example you apply for several loans in quick succession, you're likely to get some, if not all declined, but it depends on many, many factors.
TIA
I'll try to make two loan apps, and see what happens. Hopefully I get them, as I believe I can afford them.
Thanks for you advise, btw do you recommend I speak to someone on the phone or do it online? Or is it all the same? I figured speaking to someone might give me some more flexibility when answering questions not sure.0 -
Adams18 said:BrassicWoman said:I am very confused about why a simple mortgage in your own name is not possible. Seems easiest?I understand your mother doesn’t want another loan secured to the house but quite frankly she is equally as guilty about doing SFA about this interest only mortgage for years and it’s not fair of her to put undue pressure on you to sort out her and your father’s !!!!!! mismanagement of the mortgage.3
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Lover_of_Lycra said:Adams18 said:BrassicWoman said:I am very confused about why a simple mortgage in your own name is not possible. Seems easiest?I understand your mother doesn’t want another loan secured to the house but quite frankly she is equally as guilty about doing SFA about this interest only mortgage for years and it’s not fair of her to put undue pressure on you to sort out her and your father’s !!!!!! mismanagement of the mortgage.
To be honest, the way the equity is structured in the house is very unique, to the point that an experienced 20 year) mortgage adviser at the lender said she hadn't seen this type of tenants in common structure before as it is so uncommon now.
I wrote about it at length on this forum a while back under my initial threads.
So its just easier to get a loan and get this chapter of our lives done by paying off the mortgage. At least that way I can get my own mortgage down the line.
My mum did save up quite a lot, as much as she could really, I mean she was a single mother for a long time! . So she did her part for sure. Thanks your input0 -
Rather than two personal loans, many of which aren't meant to be used for purchasing property according to the T&C, have you looked at getting a bridging loan instead with a view to getting another mortgage to pay off the bridging loan a few months down the line? Might be an option worth exploring.
Actually, having read one of your previous threads bridging finance would be very expensive if this thing with your father's partner drags out.0 -
Are there other members of the family that could assist in the short term? I'm not sure if you've mentioned a partner - but do they have a good credit history to share the burden? I imagine you'd be wanting to get these loans down to nothing at the earliest opportunity rather than going the full term?0
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I would not take out personal loans of that amount to buy property. The interest rate will be higher than a mortgage and repayment term shorter so the monthly repayments will be high. This will obviously impact on you applying for credit in the future if you wanted to buy another property for you unless you plan on living with your mother? Your parents have ignored the interest only mortgage presumably for many years with no plan to repay so it seems unfair for your mum to expect you to sort it out without her being involved in a way which will severely affect your own financial status. Are you married and if so is your partner ok about this?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.
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Can't you talk to your mother about why she's so desperate to keep that home yet won't put her name to any mortgage / loan and why there is an expectation on you to pay it? Does she need a house of that size? Could she downsize and pay off the mortgage rather than you being guilt tripped into running up huge debts ?2
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