please help me find a low rate unsecured loan for £6-£7,ooo

emma_b_4

hi

we have recently had double glazing fitted and have some more plans for our home as home improvement. i contacted our mortgage lender (alliance and lester) and they said they would be 'happy' to lend us some more ££ (we have mortgage of 50k on a house woth £110k) but they will charge us £150 top proccess application and the rate isnt that good, between 6-7% and its seperate from the mortgage anyway. i have just read martins 'secured loans .. last option ' article and dont want to follow the secured loan trail now, although i always thought it was the cheapest ?

Just wandered if anyone can point me in the direction of a low cost loan we would want it over 5-10yrs to keep payments down while im studying.

Im going to try AA as i have read on here they are low rates ?

Thankyou in advance and Merry Christmas

socmwils23

Northern rock have the best rate i think. AA come in .1% higher. I have just gone with the AA for my new car and from applying at 2pm yesterday afternoon the cheque was in my hand at 9am this morning. Very good service.

emma_b_4

northern rock 5.8% im guessing this is good rate?!

should i go for it??
we would pay back £7885 on a £6000 loan over 10yrs but would hope to clear it before then anyway (maybe!)

never had a loan before, except mortgage (can you tell?!!)

Thanks

The_Boss

Go for it. And good luck.

I also know nothing about loans and am looking for one, so all the best to someone in the same boat as me!

emma_b_4

thankyou!!

im gonna talk it through with OH when he FINALLY gets home from being "out with the lads" for xmas works do, maybe not tonight but talk to him in the morning!!

aliwatts

Hi,

Does anyone know if its possible if you are half way through a loan with A&L to change to a cheaper rate with someone else. How hard/easy is it to do? Their rate with me was 6.2%.

Thanks

Ali

emma_b_4

would you not have to pay early settlement figure or something?

not very clued up sorry!

emma_b_4

northern rock have approved the loan but at 7.9% ?

chriz1000

Usually a company will review your credit score and the amount borrowed, they will then give you an interest rate based on this information.
Just because the typical APR is low doesn’t mean you will get a low rate too =/

socmwils23

Nationwide have a one rate for all policy i dont know of any others that do. Did you take the northern rock offer? you could maybe see if you get a better deal elsewhere..

dell_2

emma_b wrote:

hi

we have recently had double glazing fitted and have some more plans for our home as home improvement. i contacted our mortgage lender (alliance and lester) and they said they would be 'happy' to lend us some more ££ (we have mortgage of 50k on a house woth £110k) but they will charge us £150 top proccess application and the rate isnt that good, between 6-7% and its seperate from the mortgage anyway. i have just read martins 'secured loans .. last option ' article and dont want to follow the secured loan trail now, although i always thought it was the cheapest ?

Just wandered if anyone can point me in the direction of a low cost loan we would want it over 5-10yrs to keep payments down while im studying.

Im going to try AA as i have read on here they are low rates ?

Thankyou in advance and Merry Christmas

Is 6-7% from A&L so bad given that Northern Rock would "only" offer 7.9%

Also I'm not sure what the A&L policy is if you have a mortgage with them and then have further borrowings, however First Direct (who I bank with) have a policy that ALL further borrowings, including CC debt are effectively secured on the mortgage - a point that my lawyer laboured for at least 15 mins when I signed the mortgage papers!

Final thought, from memory martins article I think was more pointed at the "ocean" type secured borrowing rather than mainstream - given the period that you are looking to borrow the monies I really don't think A&L are giving such a bad deal.

OK, it's not the best available in the market, but it's the least worst option you have at this time maybe?

Last, last final thought:eek:

Could you re-mortage at a discounted rate utilising some of the equity with another lender? (yikes I know, I know....), I only mention this due to the term you are contemplating taking out the new loan over.