HELP! Urgent loan needed

[noobrider]

Can anyone recommend a loan company that could loan a poor credit history person £6000 to prevent them from becoming homeless.

 

I'm in the middle of a house purchase and Welcome finance verbally promised to loan me the deposit then withdrew mid sale as I already had a loan with them.

 

I dont care what interest rate it is I dont care about any penalties...I can deal with all that rubbish later and I am in for over £12k of money back once everything is sorted in a few months time. I just need a £6k loan immediately...had lots of refusals from the standard companies.

 

If anyone would like to enter into a loan agreement my last 4 years of credit have been perfect. My credit is poor because of 1 default which resulted ina ccj obviously due to charges...4 years ago... and the fact I have rented this house for 11 months...also had a few searches done recently to try and get credit.

 

If there is anyone that knows a company who is willing to help or infact can help themselves i will definately make it worth their while and everything be absolutely above board.

 

I earn over £30k a year and the mortgage is I will have is tiny compared to most.

 

 

Desperate as the tenancy expires in a month and I don't know how much longer I can put off the solicitors on this purchase...I have spent a couple of thousand on this house already. 4 kids and a wife desperate for help.

[moltonbrownqueen]

hi noob

my ex n me got a loan with purple, not a good idea in hindsight, but we had poor credit history and my ex was self cert. they still came up with the money tho'.

Failing that, i can lend u a fiver, or we could have a whipround in the chat room for ya. lol

Regards

[noobrider]

I'm afraid Purple only help homeowners...That's what I'm trying to become...porr credit and a tenant means no credit basically

[Guest katzcafe]

Purple loans are part of the GE Money group, NOT recommended!

[lookinforinfo]

Could you try your building society for the extra? It might mean an increased MIG

but they have all your financial history already plus the property for security.

 

Or explain to the present owner of your problem and see if he will accept a

personal loan agreement from you. He might be agreeable if he sees the deal will

collapse otherwise. Especially as you have been his tenant for a while too.

[gizmo111]

Could you try your building society for the extra? It might mean an increased MIG

but they have all your financial history already plus the property for security.

 

Or explain to the present owner of your problem and see if he will accept a

personal loan agreement from you. He might be agreeable if he sees the deal will

collapse otherwise. Especially as you have been his tenant for a while too.

 

What is your LTV and who will the mortgage be with and why is hte £6k so urgent now - what has changed since youdecided to buy?

[noobrider]

OK full situation. Back in June we approached welcome finance for one of their House deposit loans. As we had paid off a car loan with no defaults and had a personal loan with them with no defaults they said fine no porblem you can have a deposit loan of £5000 all you need to do is show a copy of your mortgage garauntee and give us the name of the solicitor we pay the cheque to. We went and got a mortgage...then found a house...£125K agreed a deal with the vender to buy at £117K and duly started the buying process. The mortgage was 95% (£111K)

 

we went back to Welcome and said can we have the deposit loan. They said sure when you are ready to sign the contract let us know and we will sign you up. OK...surveys done etc etc and contract ready to sign go back to welcome who now say we can't have one as we already have a loan with them and you can only have one loan at once. Despite arguing that they had led us on nothing was written down so I haven't a leg to stand on.

 

Panic stations...I have applied to just about every loan company I can think of now and because of a ccj and default from capital one made purely of charges, all settled, and the fact I am a tenant that has only lived in this house for 11 months I cannot get a loan and have a very low credit rating despite paying off 6 loans faultlessly in the last 6 years. This situation has only made my credit rating worse.

 

My tenancy agreement expires at the end of September. I have delayed the solicitor for 4 weeks now and the vender is getting very annoyed with us so the urgency is if I can't get £6K for the deposit in the next 2 weeks, My wife, the 4 kids and I will be homeless and will have spent a considerable amount of money on solicitors surveyors etc etc for nothing. Also the mortgage offer is only valid for 3 months so I may even lose that.

 

This is the first house we will have ever bought and is now causing considerable stress to such a point I am now too ill to work...although my company are fully supporting me at the moment.

[ukaviator]

Hi Noobrider.

 

Just read your thread and i do sympathise with you over being held back.You are a risk to them,so they will as ' responsible lenders ' see if you can afford the mortgage. There is a way out of your mess i think, but you will need to see a financial advisor at your local estate agents. Book an appointment with him / her and ask about ' Self Certification ' .This is a way of getting a mortgage by telling the loan company that you can repay the mortgage every month.The advisor provides them with some details,and the lender normally believes the info provided.The application is a lot less restrictive in the way of showing payslips to the lender,that sort of thing. The Mortgage advisor will have to see all documentation you have on the deal.He or she then really decides on behalf of the lender,whether or not you are suitable. You will have to list all debts etc with the advisor.Your interest rate maybe depending on circumstances,be a lot higher than normal.But you can fix it for 3 years or so,but would advise you change the mortgage and get a lower rate when you have some mortgage payment history.There is a charge to the mortgage advisor.This i have seen to be between £250 and £450 payable on completion.This is not an ideal mortgage,but it is designed for really the self employed,but you can do it too.

Look up SELF CERTIFICATION mortgages on the internet

 

Hope this helps.

 

Ukaviator

[noobrider]

The mortgage isn't the problem...I have the mortgage all signed sealed and delivered...its the deposit I need.

[PhantomReclaimer]

The mortgage isn't the problem...I have the mortgage all signed sealed and delivered...its the deposit I need.

 

If the loan company told you that they would definately, certainly give you the loan then they may have created a contract that they will be obliged to honour. Do you have anything in writing to this effect? If not, do a SAR on them and see if the conversation is recorded.

 

P.

[nathal]

try also Black Horse Finance (they might only accomadate ni)

[JonCris]

Also try here Welcome to Zopa - The first lending and borrowing exchange

 

By the way whoever at welcome told you you could only have 1 loan at a time was, whats the word, I know, lying.

[noobrider]

Unfortunately you need a good credit score to get one of these loans

[JonCris]

Really! then their goes another bit of money lenders spin. Even those claiming to have been set to help the consumer don't

 

I realize it doesn't help now but your story & its affects on you by Cap 1's adverse credit info caused by their unlawful charges appears to be just the sort of story that BBC Watchdog want to hear for their forthcoming programme on charges

[PhantomReclaimer]

If your financial situation has been created, or exacerbated, by unlawful charges and results in you loosing financially - such as in having to take our a more expense mortgage or loan - then you could be in for some serious compensation on top of getting your charges back.

 

P.

[JonCris]

I agree with PR & we could be talking serious compo here. From the sound of it there isn't just the monetary side but also the personal injury aspect caused by the stress you have suffered as a direct result of Cap 1's conduct.

 

Suggest you find the time to see your doctor & explain everything. Then ask if theres anything he can give you by way of stress relief

[lookinforinfo]

I still think that going to your building society could be the quickest way of

resolving the matter. When you had the survey done, did the surveyor put a price on the property? They often put the price that you paid, ie £117,000.

 

I note though that you got the house for £8000 less than the asking price. Do

you reckon that you have something like that much profit in your house already?

If so, get the house revalued to your b/societys satisfaction, and as long as it

comes in around £25000, then even if they won't give you a 100% mortgage,

a 95% mortgage is £118750. And all you want to borrow is £117,000.

[lookinforinfo]

Just to preempt any objections you may have about needing a deposit, not a mortgage, since you already have that......

 

Time is now of the essence for you. It is becoming increasing unlikely that you

will find a company willing to advance that sum. Yet your building society have

agreed to lend you 95% of the money on the strength of the valuation and your

present financial standing. They have all the information they need about you and your intended property.

 

It will proably be much quicker for them to authorise a futher £6000 on the

outcome of a revaluation, rather than chasing after another loan company. On

top of that, your monthly cost in the short term certainly would be much reduced.

[Repaying £6000 over 25 years is cheaper than paying £6000 unsecured over

5 or 6 years.]

 

Effectively, you are getting a 100% mortgage,since you are asking the b/soc for

the price you are paying.for the house. But because the house wil be valued at

around £125000, the amount you borrow will be about 95% of the new value.

[noobrider]

Some really good answers there and thank you all. Only trouble is the timescale now. I have 2 weeks in which to get the house revalued,sorted and move in otherwise I'm homeless and will have to pay for another surveyor. I'm now seeing if I can pursuade someone to take a loan out on my behalf.

[Guest willowb]

This is crazy!!! I feel so bad for you and your family. I think it STINKS to high heaven that they've done this to you and I agree with whoever suggested doing a SAR....nail them! I just don't understand why they don't merge your existing loan, which you've kept up, with the £6,000 you need....it's just maddness.

 

I really hope that you can sort this out but you have got another rental lined up haven't you? you must start looking as you may just have to concede this for a while for the sake of your health.

 

I really wish it works out for you.

 

Wxx

[Guest willowb]

Hi, just wonedered how you were getting on? hope you've sorted something out.

 

Wxx

[sleepz]

This might sound a bit obvious, but can't you just go back to Welcome Finance and get a Top-up loan on the one you already have?

[noobrider]

Thank you all for the concern and thanks very much to a very nice lady on here who offered to loan me £3000. What a fantastic person I shall spare her the embarrassment by not naming names. I am very touched by you all.

 

Not going too well. I have started to try and contact another mortgage broker who MAY be able to get me a 100% mortgage one way or another, I have yet to speak to him or the solictor to try and buy some more time. I approached my brother for a loan but he couldn't/wouldn't do it, don't blame him but we were never close.

 

I have argued till I'm blue in the face with Welcome. They actually wound me up a lot as I spoke to them on the phone and asked for a £6K loan...They said yes we can do that for you no problem...of course you will have to pay off the balance you have on your other loan which will leave you with £500 cash...like that will help.

 

My last line of defence is that I can arrange a 100% mortgage..get a surveyor get an offer and then move in ...all the searches etc have been done

 

I'm submitting my court action for £4992 plus interest against abbey on Friday next week, but of course that will not come in time.

 

Just a note to add the current Mortgage offer runs out on the 2nd of October as the house is empty and this has been going on 3 months. So I would have to get another mortgage anyway if I don't sort this out. Its so frustrating because I know I can afford everything I need very very easily...I just can't get it in the first place.

[sleepz]

Don't ask Welcome for a £6000 loan, ask them for a £6000 top-up loan.

So, effectively, your just adding £6k onto the loan you've already got, ie a loan of £12k (half of which they use to repay the other loan).

If you've got a good record with them, been with them for a while and are doing ok with the repayments they should be fine with it.

I had an original loan of £2k, which kept getting topped-up and topped-up untill in the end it was at just over £14k, before I settled it and closed it off.

[noobrider]

Thanks Sleepz...I'll try that.