Sainsbury's Loan

QPR1982

OK - So I have very recently bought my first house (Nov 12). I have ensured that I am now on the electoral roll (rolling register) on both my Equifax & Experian Credit File at my new address.

My question is with an Experian score of 943 what are my chances of getting a Sainsbury's loan of £25,000?

I was approved for a Mortgage and Loan (£25,000) with the Halifax in November. I would go through the Halifax again but given my recent exposure with them, they will not offer me any more credit, they suggested Sainsbury's or Tesco's

I have more renovating to do and am in need of more money - do Sainsbury's have access to Halifax data? Will I have the same exposure issue with them to or they a completely seperate entity?

DCFC79

Unfortunately we cant tell of your chances of a loan of 25k.

Whats your salary ?

QPR1982

My Salary is between £30K-£35K

My wife earns about the same

I guess I'd like to understand if Sainsbury's and Halifax share data.

If they do then I might struggle to get credit with them

I know that they'll be able to see any credit I have applied for via the credit reference agencies but Halifax seemed to think i'd have a chance with another bank

Are Sainsbury's considered part of LBG or a completely seperate entity?

DCFC79

QPR1982 wrote: »

My Salary is between £30K-£35K

My wife earns about the same

I guess I'd like to understand if Sainsbury's and Halifax share data.

If they do then I might struggle to get credit with them

I know that they'll be able to see any credit I have applied for via the credit reference agencies but Halifax seemed to think i'd have a chance with another bank

Are Sainsbury's considered part of LBG or a completely seperate entity?

Im not sure you would get another loan of 25 on that salary (maybe a joint loan would work), might be other ways to do it though but im not knowledgeable to answer your other questions so ill let others assist.

BugsyBrowne

25k is a hell of a lot of loot to borrow.

Treadmill

50k of unsecured credit on a 35k salary is an issue regardless of which lender you go to, I'd say you need a joint application at least.

I believe that sainsburys loans are funded by RBS which along with Halifax is part of the lloyds group so this may well affect whether they lend you the money if Halifax have already declined you.

QPR1982

RBS and HBOS are certainly not the same company, HBOS are part of LBG

QPR1982

If an unsecured loan is out of the question what other options do I have?

Idiophreak

FWIW, I had a credit score of 999. I applied for a loan with Sainsburys, advertised at 6.6% or something - and was offered the loan at 12.9%. I applied for the same loan at tesco, advertised at 6.7% and was offered 6.7% (even with the extra footprint on my file).

Not saying it's always the case, just my experience - Sainsburys are the only people that have ever offered me more than the advertised rate.

bargainbetty

QPR1982 wrote: »

If an unsecured loan is out of the question what other options do I have?

Lower your expectations, do the work piecemeal (savings towards the costs as you go) or do one chunk at a time.

Few lenders will lend you more than half your income, less the sum of any other unsecured debt you might have. If you have a joint household income of £60-70k, and no other debt, you might scrape by, but it's going to be tight.

Can you not rethink the figures for the loan, and see how you can reduce the amount you need?

QPR1982

Many thanks for all the responses

The main driver for the loan is so that I can complete enough of the renovations on the house to be able to move in. Moving in sooner will save me paying rent etc. I have estimated that roughly £25K will allow me to get the basics in place (water, heating, electricity etc.)

I'm glad I posted here first as I'd rather approach this with my eyes open. I'm now considering applying for a joint loan of £10K with Sainsbury's and approaching a family member for a further £10K.

I believe that 6 months after opening a mortgage I can increase the total borrowed against the property (as long as 80% of the new value of the house covers it). Therefore in June I could release some funds and pay back my family

The remaining £5K could theoretically be covered by Credit Cards (we have 3 with zero balances and a combined limit of roughly £8K)

Thanks again for your comments