Moving loan from santander to nationwide

clairecymru

I currently have a loan with Santander with just under 5 years remaining of approx £13000 and an interest rate of 14.7%. I took this out three years ago when I did all my banking with Santander.

I have since switched my banking to Nationwide as I have my mortgage with them. I was looking online and noticed that they offer loans to Flexaccount holders at a rate of 6.3%.

I am wondering what my chances are of getting a new loan out with nationwide to pay off my existing loan with santander.

It would be great if I could get the loan as it would save me nearly £40 a month in payments plus Nationwide give you the option of overpaying which Santander do not.

What is putting me off applying is because of the large amount i want to borrow to pay off the exisiting loan. I am worried that they will say no because i suppose they only have my word for it that I will indeed pay off the santander loan.

What are the chances that they will say yes?

chanz4

It all depends on your income/debt

rich_the_moneysaver

I`d say it would be `very difficult`. They will know you have a loan when they credit search you and then the thought of you not paying it off will prob put them off. Anyway- are the lenders actually lending- I don`t really think they are- they are so so worried about the Eurozone crisis- it appears they are hoarding their cash!?!

They aren`t borrowing to companies either-- just read this story taken from an article in the telegraph- it`s mad!!:-

We're a small growing business which cleans out contaminated fuel, for instance from petrol stations, airports, power generators. We've been going for 11 months, trading for six months and we've nine employees. We couldn't get any affordable funding from the banks-all of them refused us- so we had to turn to Wonga, the payday lender! We borrowed £8,000 over 16 weeks. We'll pay back £9,400!! We had no other option.