Tesco loan application

Harman83

Hi all,
If anyone can offer some advice it greatly appreciated. We currently have a tesco loan settlement figure of 7800....which is in my wifes name. Been paying it for over 6 years always by direct debit and always on time.

Anyway, we are hoping on getting a new loan for home improvements. I was going to apply with tesco myself then consolidating ( I know not ideal). Would it be best to apply myself or just get my wife to borrow more or add me to the loan etc.......not sure whats best thing to do . Obviously dont want rejection, we both have good credit and earning joint income of 60k. Looking at borrowing 19k.

Advice welcome...

ch3101

If your wife phoned tesco you could get a joint loan of 25k to consolidate the current loan and give you 17200 extra.

tannerman

If you do apply be prepared for a long wait, we applied in my wifes name for 5000. Applied online it took a week for them to request info, bank statements then 2 more weeks of calling to finally get approval, but were told once we return signed documents it could still take another week to get the money in our account. Total time would be 4 weeks minimum. Would advise you apply by phone and ask straight away what docs they want and send them Recorded delivery as our first docs went missing for a while

CherlokHomes

Harman83 wrote: »

Hi all,
If anyone can offer some advice it greatly appreciated. We currently have a tesco loan settlement figure of 7800....which is in my wifes name. Been paying it for over 6 years always by direct debit and always on time.

Anyway, we are hoping on getting a new loan for home improvements. I was going to apply with tesco myself then consolidating ( I know not ideal). Would it be best to apply myself or just get my wife to borrow more or add me to the loan etc.......not sure whats best thing to do . Obviously dont want rejection, we both have good credit and earning joint income of 60k. Looking at borrowing 19k.

Advice welcome...

1. An individual that require a 19k loan would be seen to be earning around 40k with very little debt to even be considered.
2.Are you and the wife financially linked.
3. If so a 60k income could work in your favour albeit how much debt you both have between you but that 7k the wife already owe might be the struggling bit.

Cash_Flow

Innovate wrote: »

1. An individual that require a 19k loan would be seen to be earning around 40k with very little debt to even be considered.
2.Are you and the wife financially linked.
3. If so a 60k income could work in your favour albeit how much debt you both have between you but that 7k the wife already owe might be the struggling bit.

That's a myth with regards to the need to be earning twice as much as one is looking to borrow. As is the one about banks only offering 3x times annual salary for mortgages.

ch3101

Cash_Flow wrote: »

That's a myth with regards to the need to be earning twice as much as one is looking to borrow. As is the one about banks only offering 3x times annual salary for mortgages.

Very true, but it's a good myth to have in the sense that it will hopefully make people realise that owing their full yearly salary on unsecured debt is horrific, half of it is horrific IMO