Affordable Guarantor Loans for Home Improvements
The latest in our series of blogs taking a look at actual George Banco customer examples delves into slightly different type than those we have previously looked at, that being because this customer is not one you would necessarily associate with needing an affordable guarantor loan.
Alex thought he was the perfect candidate for a loan from his bank. With a floorless financial past, Alex had never used an overdraft facility in his life. He had savings in the bank since he was 10 years old and he had never even applied for a credit card. Alex had the cleanest banking history you could imagine. So imagine his surprise when he went in to the bank he had been with for 18 years and got turned down, point blank, for a £5,000 loan to cover some home improvements.
Alex, 28 years old from the Midlands, had been together with his now partner Jo for nearly 10 years and together they had a lovely home although it was a little small. Alex had received the house as part of his father’s estate over a decade ago and was in the very fortunate position of being mortgage free from such a young age.
The couple had been thinking of ways to increase the value of their home by increasing the amount of liveable space they had at their disposal, while also giving them the much needed extra space.
The plot of land they were on came with a sizable back garden and could easily accommodate an extension of some description. Alex and his partner decided they would investigate the idea of having a conservatory built on to the rear of the property. They both knew that decent conservatories were not cheap but with their savings and a small loan from the bank they would be able to achieve both goals of creating more space and increasing the value of their property.
After shopping around they received a list of different conservatory quotations and decided on the option that best suited their needs.
The total amount for the conservatory was £15,000 and they already had just over £10,000 saved between them. All they needed was the remaining £5,000 before they could go ahead with the home improvement. Alex and Jo were a little stumped as to how they were going to account for the £5,000. They spoke to the conservatory supplier to see if they could get it on credit but without a financial footprint they could not consider them for the credit agreement despite both Alex and Jo having good jobs.
The Bank Had To Say No Due To Lack Of Credit History
The next obvious step was to speak to the bank. As mentioned above, it was the bank Alex had been with since he was ten years old. However the bank also had to say no due to lack of credit history.
Jo knew there was no point in asking her parents. They both still worked and had good jobs but they didn’t have £5,000 they could lend to them. This left Alex and Jo unsure as to how they would raise the additional funds.
After a few weeks of frustration Jo happened to be chatting to a friend that had used George Banco for a personal loan and suggested that Alex give them a call. Alex went online and starting to do a bit of research in to George Banco and saw there was an online application form. He filled in his details and got the ball rolling.
The George Banco team received the application and got back in touch with Alex to let him know that he would need the support of a guarantor to complete the application. Alex and Jo went straight to Jo’s parents and they agreed they would do what they could to help. Thankfully they agreed to act as a guarantor for the couple and allowed Alex to complete the application.
Within 48 hours the underwriters agreed the loan and the money was transferred straight to Jo’s parents account.
The work for the conservatory was finished just in time for the cold spell so Alex and Jo were delighted with the results. It was exactly what they were looking for. As far as we know they haven’t yet had the property valuation done yet but they are confident they will have increased their property value and certainly have a lot more useable space at home.
In this case George Banco was able to help Alex and Jo achieve their dream of getting the conservatory they were after with an affordable guarantor loan perfect for their needs.
If you are in a similar situation to Alex and Jo, or simply want to see if you are eligible for an affordable guarantor loan then click here and start your online application.
Please Note – Names have been changed for data protection purposes.