approx maximum total loan figure

redux

Grumpy_chap said:

Mortgage will likely give you the potential of greater borrowing limit and lower interest rate.  Don't borrow more than you need to, though.

And a longer timespan, if needed

Ryan_Holden

How'd you get approved for £25k on a £30k salary? 

Like others have said, it's fine to think you're going to get them both but you won't. Accepted in principle is not accepted. And most unsecured loan lenders have clauses that say they specifically prohibit the use for buying a property.

A 50k mortgage would be miles better for you IMO.

Clive_Woody

tiger135 said:

i should add that my purpose for the loan is to buy property outright , i have 170 saved and another 50 gives me 220 as a cash buyer. this appeals to me over a mortgage, less time and hassle, and flexible to pay back quicker.

General question, with a £30k salary would you comfortably be able to repay £50k in loans as well as pay all other bills and maintenance costs associated with owning a property?

I suggest doing a full budget and posting it on MSE for scrutiny as running a house is not cheap and servicing considerable loans on top may be challenging (I do acknowledge that you have managed to save £170K which is admirable if all from your income of £30k).

Janes888

i was on about 5k more than you and took out 2 loans for £25k each( Nationwide &Lloyds), 1 for £15k(HSBC) and 1 for £12k(TSB) at the same time and they were all approved so you should be able to get accepted for the 50k.

Ryan_Holden

Janes888 said:

i was on about 5k more than you and took out 2 loans for £25k each( Nationwide &Lloyds), 1 for £15k(HSBC) and 1 for £12k(TSB) at the same time and they were all approved so you should be able to get accepted for the 50k.

You got £77k of loans on a £35k salary?

FreeFallerSaver

Janes888 said:

i was on about 5k more than you and took out 2 loans for £25k each( Nationwide &Lloyds), 1 for £15k(HSBC) and 1 for £12k(TSB) at the same time and they were all approved so you should be able to get accepted for the 50k.

I'm not sure this post helps, to be honest. There's no, "you should be able to get accepted for the £50K", as, even if you somehow maaged to get a [frankly terrifying and astonishing] £77K worth of loans on a £35K salary, it doesn't mean the OP will, and certainly not if it's to purchase a property.

tiger135

hi Janes what was your reason for the loans? did you stick to the full terms or pay any back early?

MrFrugalFever

When the solicitors/bank ask you where your money has come from (source of funds/wealth request), what will you say? It will be very obviously that a chunk has come from an unsecured loan source, which purchasing a property is normally a breach of the lenders conditions. This could lead you down a very sticky path, along the lines of fraud (obtaining credit through misleading and deception).

I’d look at alternative routes.

Alex9384

sourcrates said:

Lenders would see in real time any credit searches, so one loan may possibly be granted, but a second one won`t, as lenders may be a lot of things, but they are not stupid.

You can apply for 3 different loans with 3 separate searches but it's possible you'll only get approved for 1 of them. If you do get approved, the debt is not immediately shown on your credit files, correct? So lenders may see other searches immediately, but they don't know if you already have another 2 loans or none. They must know that not every new search results in a new line of credit.

Nebulous2

Alex9384 said:

sourcrates said:

Lenders would see in real time any credit searches, so one loan may possibly be granted, but a second one won`t, as lenders may be a lot of things, but they are not stupid.

You can apply for 3 different loans with 3 separate searches but it's possible you'll only get approved for 1 of them. If you do get approved, the debt is not immediately shown on your credit files, correct? So lenders may see other searches immediately, but they don't know if you already have another 2 loans or none. They must know that not every new search results in a new line of credit.

I've just replied on your thread about a loan for stoozing above. I've been reluctant to participate in this thread as I don't want to encourage irresponsible behaviour - but I think there is a good possibility of very rapid applications meaning you end up with more than one loan. 

I borrowed £35k in less than 3 days, mainly by money transfer from credit cards, a few years ago, and couldn't believe how easy it was. 

It's common, or at least it used to be, for people to shop around for loans. Several applications and pick the best offer wouldn't be unusual. 

Unless the lenders ability to get up-to-date information has changed quite a bit over recent times I think you could well get off with picking more than one.