Loan Question?

Uncle_Fester_2

I've been approved for a personal loan of £14.500 with the Abbey, I want to increase it by £2k, would I need to reapply for a new loan or can they amend the approved one?

Many Thanks

jonesMUFCforever

I would think their internal credit scoring system would tell them the maximum they can lend to you.
If you are within this they will simply amend figures and send out amended CCA for you to sign but if not they will have to re-do application and possibly have to send it to UNDERWRITERS FOR APPROVAL.

Uncle_Fester_2

I spoke to Abbey today, they said I'd need to re-do the application, if I wanted to increase it, but it would cancel current offer, which means it'll be 50/50 of going through, a chance I'm not willing to take!

They also said, if I take out the loan I can reapply for a top up (new loan), has anyone come across this type of thing?

Many Thanks

jonesMUFCforever

Yes but I am suprised they advised you to do this. Most banks will want to see your payment history over 6 -9 months before lending more.

Uncle_Fester_2

ejones999 wrote: »

Yes but I am suprised they advised you to do this. Most banks will want to see your payment history over 6 -9 months before lending more.

I was surprised too, with that response :doh:

If I go through with the revised app & get turned down for the higher amount, will they let me know how much they can go up to? or will they not lend me anything because I've asked for more

Many Thanks