Loan with scant credit history.

jendan2304

Please can anybody advise:
I don't have much credit history other than mortgage which is 100% up to date, even over pay slightly every month. Don't have any other credit simply due to wife always being the one who did it whenever we bought a car and we only have 1 credit card. (basically never needed it)We want to take out a loan though now for an extension. Mortgage company want to double the current interest rate so were looking at personal unsecured / secured for £14k over 7 years. (rather than the 20 that the re mortgage would cost us)

Who are the best to go try with my little credit history? What I've got is very good though.

R_P_W

Would have thought unlikely you get a loan cheaper than a mortgage rate wise. Can you not re mortgage and look to overpay?

Tixy

What rate are your mortgage company offering on additional funding from them?

For a personal loan perhaps your own bank, who at least have some internal history with you.

jendan2304

Because then it doubles the interest rate on everything that's left on my mortgage rather than just the £14k I want to borrow so we thought it would work out much more expensive in the long run.

Tixy

Have you double checked with them that they aren't able to do a second advance against the property - a lot of mortgage lenders will so you have the original amount at a low APR and additional borrowing at a slightly higher APR?

Have you actually tried applying anywhere for a personal loan yet and been declined?
Even if your file doesn't have much else on it your mortgage alone will demonstrate to lenders you can meet your financial commitments.