Originally posted by foobar
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Previously on "How can I get a loan of 100K for home improvements?"
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Originally posted by northernladuk View PostThe low salary/divs shouldn't be a problem as the loan tends to ask for income.
I think it's more the type loan that is the problem. Those figures are more akin to a mortgage type product than a loan.
I'd agree with Lance and follow up with a mortgage adviser rather than a loan.
John Yerou at Freelance Financials is doing some work for me on funding an extension on the mortgage for a BTL as we speak so I'd say give them a shout.
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Originally posted by northernladuk View PostHang on. Only 100k? Wouldnt a contractor just pay that cash?
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That would be a big sum for a "normal" personal loan, so is more mortgage territory.
Based on your home before any improvements, would there be spare equity to get the £100k whilst still staying sub (say) 90% LTV? If so, I'd have thought remortgaging would be your best bet.
If not, then to be honest I can understand why they're not keen to lend. They'd be lending you a huge sum, potentially putting you in negative equity, so there's not much security. Also if you only got half way through the home improvement project then came unstuck (or spent the money on a sports car) and the bank had to repossess, they'd unlikely be able to recoup all their money.
You may be able to get bridging finance. They'll charge far higher rates than normal high street banks, but then once the works are complete you can likely refinance in a more standard way (on the basis the value of the house would then be significantly higher).
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The low salary/divs shouldn't be a problem as the loan tends to ask for income.
I think it's more the type loan that is the problem. Those figures are more akin to a mortgage type product than a loan.
I'd agree with Lance and follow up with a mortgage adviser rather than a loan.
John Yerou at Freelance Financials is doing some work for me on funding an extension on the mortgage for a BTL as we speak so I'd say give them a shout.Last edited by northernladuk; 20 October 2017, 08:27.
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talk to a specialist contractor mortgage advisor. Loads of threads on here on that very subject. I think there was one earlier this week.
Or google 'contractor mortgages uk'
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How can I get a loan of 100K for home improvements?
Hi all,
Ltd company contractor here with wife.
I need 100k for home improvements to pay back over 15-20 years.
Have had the door slammed in my face (despite 3 years of books signed off, clean credit history, no other bad debts etc) with computer says 'No' attitude from my bank and loan brokers who seem to go into blind panic as soon as you say you are ltd (low salary+divis).
Any advice from forum users would really make my day!
Thanks.Tags: None
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