MOK79

If you own your house out right and are looking for a loan will the banks have an issue with this these days ???

stilover

You'd think you'd get a better deal, but.........

I did a quick search for loans today. Same payments whether I had a mortgage or not. I don't.

MOK79

Yeah I did, but its the same as an unsecured loan

But do you know whether they are still willing to lend money ?

SteveScooby

iTrader: (2)

There's no reason why not, as long as you pass the credit score

HankScorpio

The banks still have to make money by lending but they are being super choosey.

stilover

Yes, but the APR rates are silly.

Gordo

You're looking for a mortgage with a low loan to value so they should be offering pretty good deals even at the moment, as it's at the bottom of their risk spectrum. Make sure you're asking for a mortgage, not a loan, and it will change their approach. Also, think about how you intend to repay it - if you intend paying off pretty quickly an interest only deal might be best, if it's mroe permanent long term lending, then a standard repayment might be worth looking at.

That said, it may depend on what you want it for. I never understood how it had anything to do with the bank why you want the money but many hosue won't lend if, for example, you want it to invest in equities, but are happy if you're looking to e.g. fund an extension.

Good luck

Gordo

SteveScooby

iTrader: (2)

How much are you lookin gto borrow and over how long, and what's your credit history like, any missed payments etc?

MOK79

Ok, Actually its my mum not me (wish I did own a house out right). Basically mum owns her house has a good credit rating always pays on time etc... She has an existing loan with about a year to go. She wants to borrow £10k over 5yrs.
Just wondering if this would be a problem for her or not. Oh she is employed as well.

SteveScooby

iTrader: (2)

Daft question but in 5 years will she still be working, and able to make the repayments?

lozgti

Years ago I applied for a loan.Had no debts,regular income in a good job and was turned down.Reason?

I had no credit history,didn't borrow money so I was a no no!

I think we were better off with face to face decisions with sensible,able,experienced staff.All seems fly by night with no guatantees anymore.Either dishing money out like there is no tomorrow or clamming up completely

SteveScooby

iTrader: (2)

Nationwide offer 10k over 5 years at 7.9%, £200.99 a month

MOK79

Yeah just about.

vindaloo

**** me! That's 4x my current e-savings rate!