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  1. #1

    Loan approval with a job contract

    I have a job offer and signed contract for a well-paid, permanent job starting in 4 months' time. I am currently completing a master's degree so I'm not working. In the meantime, my partner and I are planning to buy a narrowboat to live on. We want to buy this boat in the next month or so, so that we can move out of our flat, make renovations to the boat, and get set up on it before my job starts.

    Our budget is 25k, and since I'm not working yet the plan was to ask my parents to take out a loan on our behalf, which we would pay back through them. I would much rather be independent and apply for the loan ourselves, but I was worried that as a student, I would not be accepted for the loan. Furthermore, my partner, who is working in a permanent job, was made bankrupt about 10 years ago. He has been discharged and has got proof of this, however we are still worried about his credit score.

    The situation with my parents is more complex than I thought and looks like it won't work out for us. Therefore, I would like some advice on how likely it is that I would be accepted for a 25k loan, considering I have a signed contract of employment? How likely is it that my partner would be approved for such a loan?

    We have budgeted fairly thoroughly and will be able to pay off the loan within 2 years. In terms of starting the repayments before my job begins, that will be more difficult but we have some contingency so we can still make them.

    Thanks so much in advance for any advice you can give.

  2. #2
    You won't get a loan without being in work, and ideally for some months at least.

    If your partner is more stable, then he has a better chance. His credit score won't impact anything - but his credit history in the last 6 years will.

    He's going to need to be on a decent salary though for a 25k loan.

  3. #3
    Thanks for your reply zx81. That's what I feared.

  4. #4
    How much does he earn ?

    Who told you to worry about the score ?

    Only your partner can see his score and you yours. Lenders see the history.

    Theres no universal score, theres 3 agencies who hold information which banks etc use, clearscore, noddle, experian.

    Im not sure if signing a contract would be of any use, the emlloyer could turn round and let you go before you start work.

    Theres a 4 month period befoe you start work, how would you make the loan repayments ?

    Could you wait untill your in work ?

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