Chickens

[Connemmara]

Well I never - now I know you never count your chickens before they are hatched.

Yesterday went down to Santander to get a loan to pay off my final payment of my mortgage only had to put down it was for home improvements. Fella went through the procedure and told me loan was declined but he "didn't" know the reason.

He said he would appeal the decision.

Now I have just googled it and I do believe it is because I never used a credit card in my life I have not got credit rating. I can't believe it - I just use all direct debits and have about £1,500 in my current account every month.

I am awaiting an email from him within the next 48 hours and I myself don't know what to do then. Thanks for any advice.

[bednobs]

i would imagine it's probably because you have no discernible income with which to pay back a loan?

[Connemmara]

Hi Bednobs - I do have two very sizeable discernible incomes per month.

[bednobs]

when you say "very sizeable" do they equal (say) your wages when you were working? I wondered if because you are retired, your pensions (while good enough for you to live on) aren't enough to secure a loan? Also the fact you are retired will prbably count against you

[Connemmara]

Yes Bednobs - what I have in income is probably more than some people working.

[granny grump]

How long would you be taking any loan over and for how much (£10k) Connemmara? If it is for 2 3 or 5 years why would you not extend your mortgage for the same period? The rates are surely lower and you would get the same outcome

[factor-fiction]

I don't understand either, grannygrump, but Connemmara has her reasons for not wanting to be 'attached to the mortgage' and for wanting what is probably the more expensive option of a loan for the outstanding £10000. It's a shame because I can't imagine Santander would turn her down for a modest extension on the remaining £10000 of the mortgage if they know she hasn't got the cash but has a good pension income and is still relatively young with a good track record of paying her mortgage.

[Connemmara]

Hi all - just letting you know Santander offered me the loan but I got one quicker than them. Sod em.