Advice appreciated- new loan?

MrsHirst

Hi,

First post! :hello:Hoping someone could give me some advice?

Me and my husband took out a loan for £25,000 at an eye watering 19.85% (over £540 pm repayment) as we needed it immediately at the time. It was with a high-street bank that we also have a mortgage with. We have a good credit record with no missed payments etc.

I was hoping to re-apply for another £25k loan at a much better rate to repay the first. Would this work? How many repayments on the original loan should we make before trying to get another?

Thanks!

[Deleted User]

the problem will be that you will as far as a new potential lender is concerned still have a 25k loan,you may or may not use it to repay the existing loan as far as they are concerned.So unless you have high incomes then i doubt you will get a new 25k loan.

CLAPTON

you haven't mentioned your income
you have mentioned how much your mortgage costs you
you haven't mentioned what equity you have in your property

no_more_cards_for_me

MrsHirst wrote: »

Would this work?

No

See above- not enough info & no lender will advance another £25k on top of existing borrowing