Pickle

[FlyingTeapot]

I'm in a real pickle. The only way out is to ask someone to take a loan out for me and for me to pay them. Anyone done this? I'm talking big bucks too, so paying back would be about £300 per month.

I've asked a relative to stand as a guarantor on a mortgage in the past but not asked them to take out a loan. If you can't borrow the money through the usual channels then it is either because you have a bad credit score or lenders don't believe you can pay back the money. That puts anyone lending you money privately in a potentially risky position because, if you default on the loan they take out, they are responsible for the debt, not you. If they still want to do this for you, formalise the agreement in writing, promising to pay them back should the worse happen.

I have an excellent credit score, but because we have a joint mortgage and it's a single loan application it failed. Thanks for your reply though.

Who are you thinking of asking? A friend/relative?

Has this person said they'd do it?

Not sure I dare!