Replies Created | Forums | THEHEATH | PropertyInvesting.com

Forum Replies Created

Viewing 4 posts - 21 through 24 (of 24 total)

« 1 2

THEHEATH
Participant
@theheath
Join Date: 2006
Post Count: 27
July 30, 2006 - 11:09 am
Of course you’ll be paying a higher interest rate on the personal loan so the aim of the game is to knock it over pretty quickly, which given you’ve able to pay off 10k off in 6 months I assume you’ll be able to knock it over pretty quickly
THEHEATH
Participant
@theheath
Join Date: 2006
Post Count: 27
July 30, 2006 - 11:05 am
Break costs are what you will need to consider. To get around the not having the full 10% for a 90% maybe you can take out a personal loan to make up the short fall. I took out a personal loan through HSBC to get me over the line for a 10% deposit and then took out a smart choice loan with wizard as it didn’t require you show a savings history (or where you got your deposit), I’m not sure if this is how most 90% loans work or not. If you have your 10% deposit and a strong history of repaying the loan I don’t see why another lender wouldn’t take you on.
THEHEATH
Participant
@theheath
Join Date: 2006
Post Count: 27
May 27, 2006 - 2:33 pm
The banks are limiting their exposure. If you have borrowed 500k from bank X then they stand to lose 500k if you go under. If you want to borrow another 500k then bank X stands to lose 1million if you go under. So if you go to another bank for the second loan, bank Y , then each bank only faces losing 500k each instead of 1million. That is why another bank may be willing to lend to you when bank X has denied you the second loan. They are simply limiting their exposure to their potential losses.
THEHEATH
Participant
@theheath
Join Date: 2006
Post Count: 27
March 28, 2006 - 12:52 pm
I dare say he gets sick of repeating himself and pointing out the somewhat obvious.