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Whats my chances ? ?

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  • Whats my chances ? ?

    Hi All,

    My question is should I try for mortgage after being turned down for personal loan?

    I have the oppurtunity to buy a repossesed property previously belonged to my brother. Property was built on family ground so all are ok with me going for it as better than the alternative.

    I have £9000 available but need about another £20,000, tried for personal loans today but blankly refused. I am currently renting a property so repayments would have been almost identical to what I already pay monthly.

    Property has been to auction several times but legal dispute over access has put off outside bidders. The Price has now dropped to a figure i can afford repayments on!

    Not Sure about mortgage being straightforward as would prob need to legally address all dispute issues. I have no problem doing so but put off by timescale. Thats why I thought a loan was best as I would be a cash buyer and able to close sale and remove from any future auctions.

    What options do I have? Which if any Mortgage companies are flexible enough? Or is there any other way to access the funds untill able to mortgage / loan later?

    Any thoughts or help greatly appreciated


  • #2
    Re: Whats my chances ? ?

    You say you applied for a personal loan to buy a property, can you clarify this please
    View Mortgage FAQ's, including Lifetime Mortgages FAQ.