Long Term Loans

QSu

Having used various sites to try and obtain a Long Term Unsecured Loan (£20k for up to 15 years or less) I have received quotes on the screen but, when you follow up on these you are then told that the value and term are unavailable, I am looking for help in resolving this; I have used equity from a house sale to put down a large deposit in order to obtain a better rate. I do however require these monies back by way of a loan to try and reduce my overall outgoings. Big loan, longer term, free up some monies.
My own bank could not help, they only offered to sell me a mortgage and then increase the borrowing on it; everytime I put my faith in the bank I am let down. My Credit profile is termed as being good yet I have never been given the Holy Grail of rates.
Am I doing something wrong, I have no CCJ's, never missed a payment, been a late by no more than a week on others (infrequent), what am I doing or, have been doing wrong???
Secured seems to be my only way out!!!!! Any help or advice would be very much appreciated.

CLAPTON

It may be due to your level of income and existing debts.
what do you earn
what is your mortgage payment
what other debts do you have and what are their repayments

QSu

Mortgage is new, payment £890 per month.
Salaried, full time; £40,900
Debt to clear approx £16k

£22k of equity

Help, Help, Help.

I have a young family and this re jigging of things is hopefully a way of becoming debt free and comfortable.

Rafter

QSu,

By your own admission you are trying to borrow at rates for customers with lots of equity even when you don't have much.

You are therefore a higher risk and would normally pay higher rates.

If you really want to keep monthly payments low and borrow over more than 7 years you will have to secure against your property.

A secured loan (together with your mortgage) is likely to cost you about the same and a ligher loan to value mortgage though.

I think you are going to have to do the best you can and go on a money diet to try and find the rest. In other words....

Take out a 7 year unsecured loan for say £10,000 and use the proceeds to pay off the debt with the highest payments (usually credit cards)

Try to cut down expenditure through using best buy tables, cutting back for a bit.

Try to maximise income by volunteering for overtime, selling anything you don't need on ebay, ensuring you are getting any benefits you are entitled to etc.

Good luck

R.