Extending a new loan

Dundee

Hi guys,

I have just been approved for £6k loan for home improvements but I have just realised more needs done than expected.

Does anyone know how banks work in increasing and extending a new loan.

I was looking to increase to around 10k plus increasing the loan period.

Does anyone know if this would work or would the bank reject it straight away?

DCFC79

Depends if you could afford the extra, so can you afford the extra ?

Dundee

I haven't actually discussed this with the bank yet, but to my calculations the price may go up a further £50 each month.

Yes I can afford that.

[Deleted User]

if you havent already got the money then they may and it maybe at a lower apr for 10k,if you have recieved the money thay may want to see some repayments first,and borrowing an additional 4k maybe a higher apr than the 6k was

Dundee

woodbine wrote: »

if you havent already got the money then they may and it maybe at a lower apr for 10k,if you have recieved the money thay may want to see some repayments first,and borrowing an additional 4k maybe a higher apr than the 6k was

I have received the money already and not made the first months payment, this is due off tomorrow.

Although, my previous loan has just been paid with them this month.

jonesMUFCforever

In that case it would probably have to be agreed by an underwriter - who knows what the decision will be - you will have to ask.