Getting mortgage with missed payments, and personal loan after.

Kucz93

Hello, hope everyone it’s fine. 

I have no idea where to ask for advice, hoping there is maybe someone who had similar situation even tho it’s not best. Basically I had 6 missed payments on my credit due to standing order being cancelled, bank doesn’t take responsibility, I didn’t check ether was relying on system. 

Spoke to broker and he said that I can get mortgage but with higher interest and 15% deposit, I have no choice as I don’t want to wait another 3 years. I would like to find out if after purchasing house can I get as a house owner personal loan I would probably need 20000-25000. Can anyone advise me, because of those missed payments I can get rejected even tho I’m a house owner?? 

Thank u in advance whoever will be able to help answer this question . 🙏

ACG

If you can, you are going to be paying through the nose for it. It will depend on the numbers involved. It sounds like you want to get to 95% LTV, that is unlikely. You might be able to take the secured loan up to 90% but rates wont be pretty. 

That assumes the arrears are all up to date. 

If you are still in arrears then no chance. 

I think you are asking too much personally. I am not here to judge but based on the limited information you have sent here, I think you also need to consider fitting criteria/affordability is one thing, getting the mortgage is another. There are a lot of red flags and I am not sure I would take this on as a broker. 

MFWannabe

Kucz93 said:

Hello, hope everyone it’s fine. 

I have no idea where to ask for advice, hoping there is maybe someone who had similar situation even tho it’s not best. Basically I had 6 missed payments on my credit due to standing order being cancelled, bank doesn’t take responsibility, I didn’t check ether was relying on system. 

Spoke to broker and he said that I can get mortgage but with higher interest and 15% deposit, I have no choice as I don’t want to wait another 3 years. I would like to find out if after purchasing house can I get as a house owner personal loan I would probably need 20000-25000. Can anyone advise me, because of those missed payments I can get rejected even tho I’m a house owner?? 

Thank u in advance whoever will be able to help answer this question . 🙏

So you want to get a mortgage, which you have been told will be higher interest and you will need 15% deposit? Do you have the 15% deposit? 

Then after getting the mortgage you then want to get a loan of approx £25k? is that correct? For what reason do you want to get the loan? 

That’s not a good start to getting a mortgage 

I think you need to seriously think about your finances and affordability 

Kucz93

Thank u for your reply, yes I have 15% for mortgage deposit. I just need some extra money for home improvements as the house i will be getting need bathroom and kitchen replacement. Just wondering if with my missed payments I can get personal loan even tho I have missed payments. 

If u can help me to answer this would really appreciate. 🙏

Kucz93

If I was able to give only 10% deposit like every one else than would be left with money for refurbishment which is around what I’m asking to lend. 

MFWannabe

Kucz93 said:

Thank u for your reply, yes I have 15% for mortgage deposit. I just need some extra money for home improvements as the house i will be getting need bathroom and kitchen replacement. Just wondering if with my missed payments I can get personal loan even tho I have missed payments. 

If u can help me to answer this would really appreciate. 🙏

No one can answer that for you as they don’t know all your personal circumstances; income, expenditure etc 
I suggest you firstly secure the property and  then see after you move in. Are the kitchen and bathroom liveable? 

Kitchen - you can usually pick up some good 2nd hand kitchens when people replace theirs 

Emmia

Kucz93 said:

Thank u for your reply, yes I have 15% for mortgage deposit. I just need some extra money for home improvements as the house i will be getting need bathroom and kitchen replacement. Just wondering if with my missed payments I can get personal loan even tho I have missed payments. 

If u can help me to answer this would really appreciate. 🙏

I think you should live with the kitchen and bathroom if they work when you move in, and then save up (not a loan) to re-do them to your own taste.

Buying a property always has unexpected costs, which even if they're small can add up...

Newbie_John

Fully agree with @Emmia, most people I know including myself did exactly that - used most of their savings for deposits, then spend first year/years rebuilding them and any major refurbishments would be done later on.
I could understand getting an unliveable place which is much much cheaper than places around and using the difference to redo it, but buying expensive place (where you put all your savings in) and then taking loan to refurbish it just doesn't sound right these days - it's very risky - you put yourself in place with no savings and two big loans to pay back straight away.