Whats my chances ? ?

[Michele]

Hi All,

My question is should I try for mortgage after being turned down for personal loan?

I have the oppurtunity to buy a repossesed property previously belonged to my brother. Property was built on family ground so all are ok with me going for it as better than the alternative.

I have £9000 available but need about another £20,000, tried for personal loans today but blankly refused. I am currently renting a property so repayments would have been almost identical to what I already pay monthly.

Property has been to auction several times but legal dispute over access has put off outside bidders. The Price has now dropped to a figure i can afford repayments on!

Not Sure about mortgage being straightforward as would prob need to legally address all dispute issues. I have no problem doing so but put off by timescale. Thats why I thought a loan was best as I would be a cash buyer and able to close sale and remove from any future auctions.

What options do I have? Which if any Mortgage companies are flexible enough? Or is there any other way to access the funds untill able to mortgage / loan later?

Any thoughts or help greatly appreciated

Cheers

[Matthew]

You say you applied for a personal loan to buy a property, can you clarify this please