Having trouble getting a loan, probably due to circumstances. Any help appreciated?

Question

Ok here goes:
I'm 19, and am in the process of purchasin a house with my Mrs.
I need a loan for about £5900 (to pay off over about 6 Years at £105-ish a month) to pay the deposit.
I've 2 Credit Cards (with a total of about £1000 on) which I've never missed a payment for, I also have an overdraft of £750 which I use alot at the minute, mainly to pay the credit cards off.

I've applied for 3 Loans in the past week and have been rejected for each one. Using Equifax, my credit rating is "GOOD", so I don't understand what the problem is?
The first 2 loans I applied for were for £8000 (so I could pay off the overdraft/credit cards too), maybe that's why I was declined for the first 2?

If any body know a decent Building Society/Bank/Whatever who will lend me £5900 for a deposit, I'd be extremely grateful if you could tell me. Alos any advice would be much appreciated.

Cheers

Thanks for your answers so far, just to add I Help fund my Mrs. Apartment (as she had issues at home). And the reason I'm in debt at the minute is because I've already paid £1250 towards the house, and we went on Holiday a few months ago.

Answer 1

I highly recommend you exhaust all family contacts first ..
(both your parents and her parents plus all your/her Aunts & Uncles should be approached for help = if 6k is spread 6 ways that's only £1000 each ) .. you should also ask any older brothers / sisters.

A family loan is usually zero interest and if times are hard you can usually put off making payments for months (if not years)

You need to avoid the Loan Sharks = otherwise you will find it EXTREAMLY difficult to pay the Mortgage as well as any (much more) expensive overdraft or unsecured loan ..

I have to ask = how on earth are you going to cope anyway ???
- if you run up £1,000 Credit Card debt every month NOW, (before you have even started to pay for the house), you are totally sunk ..

Answer 2

If you are thinking about getting a loan, then you should know about the basics before you get started. If you understand the basic dos and don’ts of loans, then you will be better equipped to find the best loan for your needs. Whatever type of loan you are applying for, you should follow these basic rules to help you find the best deal. When searching for a loan, it pays to do your research. Look for as many suitable lenders as you can, so that you can find the very best deal. There are many online pages thatyou can afford. Taking loans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time.

Answer 3

I would recommend that you apply straight to an actual bank - probably the one that you bank with as if u have a good history with them, more then likely they will approve the loan!

U should tell them that it is for debt consolidation aswell - putting the reason as a deposit for a house may not work so well!

I've had a few bank loans with the Bank of Scotland (halifax is the same) and i got them pretty easily! more recently i have taken a larger loan with RBS.

U have to watch though as the more credit searchs that are done - this can have a slight affect on ur credit rating...

Good luck!

Answer 4

Try Yes finance, they search the market for you. It's probably your age or how long you've been living where you are, all sorts of things are considered for your credit score.

Answer 5

Your best option is to attempt to lean on either of your parents....they are likely to be the most sympathetic to your situation, and thus more likely to help.

Thats the way its often done....

Answer 6

Try living within your means