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Will getting a personal loan affect mortgage application??
Hello Moneysavers, I want to take out a fixed interest loan to pay-off a hefty amount of credit card debt that I've built up on a number of cards. The thing is I'm due to remortgage in just over a month. Will applying for the personal loan affect the mortgage application? i.e. from what I understand applying for credit in…
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M&S loan gone to underwriters update
I asked the other day what happens when a loan application goes to the underwriters thank you for the advice from everyone. Here's an update got the loan at 10.4 APR which I'm happy with £7000 over 6 years now going to pay 2 loans off l had as they were over 7 years and interest on one was 25.5 and the other 34.9 so going…
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Impact of husbands business loan on me
Hi, I’m looking for some help by those in the know. My husband has just applied and been accepted for a business loan. This is for a big piece of equipment. He has submitted a business case and has some income from another side of the business which is unrelated to this and very small scale. Separately to this, we are both…
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Will a BoE interest rate change affect the interest % on loans being offered?
Hi, Can anyone comment if from previous experience when the Bank of England rates % was reduced if it followed that personal loan interest % also went down? If they did, over what timescale did it happen? Thanks
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Help on how to save money to pay off loan
I have an outstanding loan with Lendable for £4800 and it's costing me £300 a month and I'm trying to figure out how I can pay it off in full and then reduce my monthly payments Any suggestions please? To settle the loan I have to pay off the full £4800 so I'm not sure how I'm saving money by paying it off in full but at…
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118 118 Loans
Please delete - I’ve received some answers to my question.
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Payoff 3 year loan within 4 months - minimise interest/charges
I took out a loan with Sainsburys for £12000, at 2.99% over 3 years. I am now able to clear it early, which they allow - but there will be 2 months interest charged as an early repayment fee/penalty. They allow unlimited overpayments, so I wanted to check if it is better that I paid £11000 now to bring the balance down to…
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M&S loan gone to underwriters
I applied for an m&s loan yesterday got an email saying it's gone to the underwriters and should hear back in 3 to 5 working days. Has this happened to anyone esle and did you get accepted for the loan. Thanks for any advice.
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Early settlement penalty
Hello all, Wondered if anyone can advise please. I have a loan with an outstanding balance of £15k I would like to settle this loan early. The loan agreement says that a penalty of 28 days interest will apply with an early settlement. However another term of the agreement says that I will not be charged for overpayments.…
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Car loan miracle?
Is there such a thing as a buy now pay nothing for a year car loan? We need a new car as we're expecting a third child and can't get 3 car seats in the back of our ford focus. Being on maternity leave we can't afford to pay anything else out until I'm back at work. Any ideas gratefully received!
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How Do Lenders Assess Loan Applications?
It's nearly time to replace my car and I've been looking at loans but I'm wondering if anyone ever gets the rates advertised. How exactly do lenders decide what rate they offer? Outgoings are: Mortgage, monthly repayment is about 20% of my take-home pay. Credit card, monthly repayment nominal. Loans. None. Other outgoings.…
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"Payday" Loan Guarantor
Hey guys, A mature (45) family member with a shocking financial/credit history has approached me to act as guarantor for a 2 month, payday-style loan - I'm not sure of the brand? They're pretty much all the same right... The specifics are hazy, but the amount is £3500. From what I understand they are unable to acquire…
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Interest charges
Hi Today I was looking at a loan I took out over 4 years (finishes 2022) from Santander for £17000 in June 2018, to consolidate other debt. I have to pay back £20849.28, which I couldn't understand as the APR was 10.9%. Reading on I also saw another charge called "The rates of interest which apply to the credit agreement"…
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If 83% of students are not expected to fully repay, how does the government make up for the loss?
As above in the title. Are the debts simply cancelled and the government would then classify it as a loss? But if they do that, wouldn't the government be in a significant deficit if 83% of people never pay it off? They've essentially lent out cash that will never be paid back; I think it's widely accepted that most people…
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Loan to pay off pcp
Hi guys. Bit of a long winded one here! So please accept my apologies in advance! I just need some clarification that I’m not about to make a big mistake....: Here goes, I have a pcp agreement on my car that I no longer want, I’m nowhere near the VT point yet, I have a settlement figure of around £22,500 and the car is…
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Loans and Credit score advise help
Hi All I’m looking to secure a £20k loan in a couple of months to buy a new car. My credit score is excellent (970 with MSE Credit club) however my loan and credit card affordability is classed as v.weak? It makes absolutely no sense to me. My mortgage is less than 20% of my salary, I have no debts and I’d consider myself…
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Is there any way to make this loan cheaper?
Hello, I have a loan with a remaining balance of £4382 with Admiral. I pay £269.65 per month, with the last payment scheduled on 01.07.2021. The interest rate is 3.4%. I previously moved this loan from another bank with a much higher interest. However I am wondering now that the balance is lower (started at £10,000), if…
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Making an overpayment on a loan - is it worth it?
Hello, I currently have a loan with Black Horse Finance for a motorhome at a 9% interest rate, and I am making the required monthly payments. I have been saving a small amount monthly into a fixed saver, which has just matured, and now I only get 0.1% interest on the savings. Is it worth me using this matured savings to…
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HSBC Homeowners Loan
I had a meeting with HSBC today to discuss a homeowners loan, which has been declined. They're going to refer it to see if they can make it work, but I'm not holding my breath. I bought a house for £133k about 18 months ago, it was cheap for the area as it needed loads of work. I've spent £20k doing it up, but had to…
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Payments made on finance but not coming out of account
This is an interesting one and wondering if anyone else has had this issue? I live in Ireland and bought a couple of things from a large homeware chain on finance. The company offering the finance was a well known UK based bank. This was back in 2018. (I'm being sketchy with details for obvious reasons!) Now I am applying…
