Q. Question? Does anyone know who are actual lenders? My credit history is good - wife's not so good - turned down by mortgage company for additonal borrowing (think we asked for too much - now just want to borrow enough to clear debts - no home improvement plans!)

A. Best Answer: Do both and compare. Try your bank and the other major banks. DO NOT put your house as security unless you do not mind sleeping in the streets.

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Q. Question? Have you been affected by it yet? Have you thrown the towel in on your credit debts and preparing to live without loans, credit cards, catalogues, plastic surgery, home improvements etc etc etc...

I have been affected and I have thrown the towel in for the next 5 years. It's like a big black cloud has been lifted off my shoulders & I have never been so well off for ready cash in my life!
I did an I.V.A.

So instead of paying out £600 on credit cards etc (just credit, no mortgage) I am now paying £245 a month and saving around £7k in interest over the 5 yr period.

At the end of it, I have a clean credit slate, so will have to apply for a new Credit card with a limit of around £300 or so....

Good innit.

Thanks Stormy, it's only temporary & just for Baby Jesus' Birthday

A. Best Answer: Not so much anymore...when I was laid-off (officially : outsourced) several years ago, my income at that time went from well over $100,000.00/year to just over half that with my next employer.

With that dramatic decrease in pay differential, suffice to say money was stretched, bills were unpaid, and my credit rating went to the dogs.

It was incredibly challenging over 2 to 3 years, there simply wasn't enough cash to pay the bills I had from living in my former income bracket.

I just sold my home just over a month ago in my preperation to move to another state, paid off everyone and gave them the verbal finger.

Now, I'm much less stressed, and much happier.

So was I affected? No doubt. Am I now? Not a bit, and I'll never carry a credit card again....if it's not in my spending money account balance, I won't buy it.

I was used to be being dead-broke for so long that I now understand the idea of being frugal and living life like a financially intelligent person over an unleashed consumer.....very much unlike my fellow Americans.

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Q. Question? i currently live at my grandparents with my boyfriend instead of getting a house of our own my grandparents suggested we build an extension on the garage and get the loft converted for us as she is leaving the property to us when she dies and she thinks its a good idea to pay for the extension and the loft conversion so when we want to sell the house we will make quite a bit of profit on it !! as she dosnt want us to move out and get into debt so she suggested we get a loan or a mortgage to do the home improvments so we had a living room on the garage, leading into my bedroom then going up into the loft for either an extra bedroom or whateva ?do you think this is a good idea ??
also would we have to get a loan or could we get a mortgage to do the home improvements as its my grandparents house ?? obvoisly i will see the deeds first to make sure my name is on even though they wudnt lie
please give your opinions please ?
also the house is worth £200,000 and its a 3 bedroom and if we add 2 more rooms on we would definatly make a lot more profit when we come to sell the house !
they are due to retire soon and me and my boyfriend will be funding the project ! xx
TO PATRONA I DO TRUST THEM VERY MUCH !!!! I JUST NEEDED AN OPIONION ABOUT DOING THIS OR SHOULD I BUY MY OWN PLACE !!!

A. Best Answer: i like that idea and you have nothing to lose

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Q. Question? i currently live at my grandparents with my boyfriend instead of getting a house of our own my grandparents suggested we build an extension on the garage and get the loft converted for us as she is leaving the property to us when she dies and she thinks its a good idea to pay for the extension and the loft conversion so when we want to sell the house we will make quite a bit of profit on it !! as she dosnt want us to move out and get into debt so she suggested we get a loan or a mortgage to do the home improvments so we had a living room on the garage, leading into my bedroom then going up into the loft for either an extra bedroom or whateva ?do you think this is a good idea ??
also would we have to get a loan or could we get a mortgage to do the home improvements as its my grandparents house ?? obvoisly i will see the deeds first to make sure my name is on even though they wudnt lie
please give your opinions please ? sorry to post in here not getting a lot of help in correct 1 xxx
also the house is worth £200,000 and its a 3 bedroom and if we add 2 more rooms on we would definatly make a lot more profit when we cum to sell the house !
they are due to retire soon and me and my boyfriend will be funding the project ! xx

A. Best Answer: i think this depends on how you feel

do you get on with your grandparents are you happy to stay there
do you want to do this

if your happy living there and will be happy after its done and you make sure its all legal then i see no problem

and i would be happy to go ahead

it might be cheaper for you and you will gain a lot
good luck

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Q. Question? right here we go lol i currently live at my grandparents with my boyfriend instead of getting a house of our own my grandparents suggested we build an extension on top of the garage and get the loft converted for us as she is leaving the property to us when she dies and she thinks its a good idea to pay for the extension and the loft conversion so when we want to sell the house we will make quite a bit of profit on it !! as she dosnt want us to move out and get into debt so she suggested we get a loan or a mortgage to do the home improvments so we had a living room on the garage, leading into my bedroom then going up into the loft for either an extra bedroom or whateva
do you think this is a good idea ??
also would we have to get a loan or could we get a mortgage to do the home improvements as its my grandparents house ??
much appreciated
xxx
my grandparents would definatly put my name down to get the house so i dont have to worry about that !
the house at the moment is worth 200,000 and if i add another 2 rooms onto the property i think we will make a good profit ! do you ?? x

A. Best Answer: What is your collateral for such a sizable loan? It will not be the house unless your name is on the title/deed.

She doesn't want you to move out and get into debt, isn't a mortgage or loan debt?

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Q. Question? I'm a married 38 year old with a 3 year old. Have only £24000 left on our mortgage over 17 years. Since I gave up work to have my daughter we are really struggling financially, despite the small mortgage (my husband earns £17000).

I want to go back out to work in a year when my daughter starts school so our income will be higher then.

My grandmother has left us £50000 in her Will and she is 89, bless her, so I know we will have this lump sum one day.

Our problem is we desperately need a lump cash sum now for home improvements and to pay off credit cards as we're not managing very well.

We have around £110,000 equity in our home. We need a loan/re-mortgage where we could pay minimum payments for at least 5 years.

Any help would be greatly appreciated, thanks.
We'd need to borrow an extra £20000

A. Best Answer: Have a look at re-mortgaging with a flexible mortgage. You will be able to release a lump sum of equity for home improvements and debt. The bank may prefer if you take it out over a 20 year period but not necessarily. The benefit of a flexible mortgage is that you can pay off lump sums so when you inherit the money you can pay off some of the mortgage on your mortgage without penalty. Also it allows you to make lower or higher payments according to your circumstances so you may be able to find one that allows you to pay less until you atart work then up the payments afterwards.

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Q. Question? our house is paid for now, we didn't have a mortgage in the first place, but now we need about 40grand to pay off a loan and do all the work that needs doing e.g. double glazing/doors/renovating etc. It will take forever and a day to do it bit by bit and with 3 kids it would be a nightmare. Anyone know the best way of getting the money, like a mortgage, or consolidation loan, or home improvement loan etc....don't really know the best way to go about it without getting ripped off lol....
thankyou maria s - it's all a bit of a headache lol, but gotta be done...or live in a mess for another 6 years.....
grady_allthat - i wish lol

A. Best Answer: best thing to do hun, would be pop to all your local banks and talk with them. Get all the info form all of them, but agree to nothing.... I know these sneaky people (all works on commission and sales)... search the Internet get as much info as you can... you could even pop down the citizen's advice place, ask for input, Compare, compare compare hun.... treat it like buying a new car, look at what is out there and what deals you can get... then pick best one for you... good luck x

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Q. Question? I took out a bank loan to cover and consolidate some old debts and also pay off an overdraft which they were demanding to be paid off in one go if i didnt take out the loan to pay it off, however due to a change in situation I was no longer able to make repayments as agreed in the terms. I have since found out that the loan was classed as a home improvement loan. now at the time I didnt own a home as I lived with my mum, it looks to me they did this to get the loan approved. I do not own a home currently as I rent. Can they get away with this and have they mis sold me the loan?
lol im not trying to get out of it before you all start flaming me, I just want to know if they have possibly misled me in order to me to agree to taking it out as they knew i couldnt repay the agreed o/d in one go. if the loan was treated as any other loan it probably wouldnt of gotten accepted by the bank.

A. Best Answer: It sounds like they have mis-sold you the loan. You should complain to the Bank and if you do not get a reasonable answer take your case to the Financial Ombudsman.

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Q. Question? and now we need an influx of cash to pay off our loan and make home improvements (at least 40,000pounds). Can we get a mortgage for this purpose or does anyone know of a better way of going about it??
we never had a mortgage in the first place. it was bought for cash which we loaned off someone.

A. Best Answer: Yes, just apply for a mortgage like anyone else and you'll almost certainly get one if you own the house and presumably it's worth more than 40k.

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