Where can a hard working family man with no bad credit get a private loan?

Question

Hi

I am a hard working professional, 24 years old. My wife and I are expexcting our first child on 11/07/2007. We currently have a mortgage but our lender and others are unable to lend much more than we already borrow. We want to move home to a nicer area for ourselves and the family we hope to have.

My credit is not bad or good because I have never borrowed in my life and apart from the current mortgage, never will unless it is for a better home.

Since working after leaving school I am now a part qualified accountant and despite not earning that much, I hope that when I progess my income will increase, thus increasing my repayment ability.

This question is one of those that I hope soemone who has information about or is in a position to help me will recieve it.

Before you say it. Yes, I am in a good career and do have more than most others in my position, but by God I have earned it. My beginnings were humble to say the least and my lifestyle affords no luxury.

Answer 1

anybody should give you a loan if you havent got a bad credit history, try moneysupermarket.com , am afraid am in no position to lend you money sorry

Answer 2

I will attempt to answer this question the best I can. On first glance, it seems if you already have a mortgage, you should be able to get another one (assuming you have been making timely payments). Unless you are attempting to keep this home as a rental property - that presents a different situation. Ultimately, really think about how much you can afford to pay on a monthly basis. You may want to consider selling your current home and moving in with a relative for a couple of months while you search for a new home at "home" - then you may have a great down payment depending how much equity has accumulated in your current home. That way, you will not have the additional obligation of an extra mortgage. Make sure the next job you find is of the same or slightly higher pay to be sure you would qualify for a higher mortgage payment (since it will be in a nice area). Just do the ratios, and make sure they work for you and your family.

That said, an alternative source of financing that I have heard about is www.prosper.com It is a website where private individuals lend money to others. I'm not sure if it could handle as much as a mortgage but I think it is worth looking into.

Answer 3

I have just read over your question twice and i am sorry to say it but you have confused me (ok yes i am blonde!).

Are you simply wanting to know where you can get a larger mortgage from as your current lender will not offer you more than you have? or are you wanting a personal loan? Sorry if i have missed the point but in your title you say you want a private loan and then in your explanation you talk about wanting to move and that you wouldn't get credit unless it was for a better home. I will try and answer both for you just incase i have read it wrong:-

Mortgage - Your best bet will be to go to an Independant financial advisor, these are not tied to any particular company and will search the whole market to try and find you the best deal around for you. Some companies will offer more times your wage than others - especially with your good credit history.
Loan - You have a god credit history so basically the 'world is your oyster' when it comes to choosing a loan. Search on the internet (somewhere like money supermarket) for the best deal for you. I would say that 99% of lenders would lend to you so you can shop around for the lowest APR.

I hope that this helps to answer your question and good luck with the baby x

Answer 4

It's always possible to get loans - but the Interest rate you have to pay goes up in leaps & bounds.

As an accountant you should be aware that over-extending yourself with high interst loans is the last thing you should do.

Stick with the advise you get from your Mortagege lender = if they think you are right on the limit then they are likely to be right ...

Instead of spending money you don't have, how about cutting back on your outgoings ?

Start today by looking at you & your wifes Credit Card and Bank Satements - identify each & every item spent and ask yourself the question 'did we really really really need to spend that ?'

Answer 5

Hi, if you can confirm that your credit is good (check with a credit reference agency) then you will have many choices before you when you decide to approach a financial institution.

It is not unusual for many people to ask there own bank first, but it might also be better to shop around as, you wil be no doubt aware, competition will work in your favour so seek the best rate and 'terms and conditions'.

Firstly, I will suggest you try a financial advisor before committing yourself to a charismatic individual whom seeks your business, but, however, may not be offering you neither the best 'terms' or 'conditions'.

Answer 6

First off, try ZOPA - the world's first online money lending & borrowing exchange (similar to PROSPER.com, which is US only)....... http://www.zopa.com/ZopaWeb/affiliate/?referral=duck1979
Here's where I first learn't about it:
http://www.fool.co.uk/news/comment/2006/c060406d.htm
http://www.fool.co.uk/news/your-money/current-accounts/2006/10/24/better-than-banks-and-building-societies.aspx

Failing that, check out The Motley Fool....... which should be everyone's first stop for personal financial matters:
http://www.fool.co.uk/loans/compare-unsecured-loans.aspx

Answer 7

please do not try to move your baby will be here soon and believe me you do not need more stress than that at the moment when you are fully qualified you will get a better morgage deal from your local bank there are loads out there all the baby needs is love not a new house good luck with your new baby you sound a perfect dad xx

Answer 8

i think that the below website will help you to find the right solution