I currently have a personal loan with Welcome Finance and also finished paying off a £10,000 car loan with them. Both loans have never defaulted and of course the car loan has been completed. I approached them for one of their Home Deposit loans to assist with my first home purchase. They advsied me that I would have no trouble getting one with them and I could have £5000. All we had to do was show them a copy of the mortgage offer and give them the details of our solicitor. They advised that it would be a secured loan and as such we could consolidate our other loan and end up with reduced payments.
We subesequently went house hunting and applied for and obtained a Mortgage for £111,150 on a £117,000 house which was valued at £125,000.
Great we thought...then went back to Welcome finance and said Ok we now have our mortgage in place and have a solicitor allocated can we please apply for the deposit loan....they flatly refused on the basis we already have a loan with them and we are not allowed to have two loans at the same time????
I'm now in a very precarious position of having a house purchase going through with a completion date in a couple of weeks and no deposit... The question is...How can I get a loan for a deposit... I have a poor credit history apart from the two loans with Welcome. I don't own a home yet. I do have a well paid job salried to £30,000