2 unsecured loans

TCB1

My husband and I would like to build a loft extension next year at a cost of approximately £35 - £40k. We could save about £5 - £10k by the time we want to start and my husband would be able to get a £25k unsecured loan on his own.

My question is, I think with an income of £30k I should be able to get the small amount needed on another unsecured loan but is this still the case if husband has just got a loan too?

We don't want secured loan as we plan on paying the whole lot off within 5 years and our mortgage provider only has 5 year fixes for additional lending with very limited overpayments allowed.

gb12345

TCB1 wrote: »

My husband and I would like to build a loft extension next year at a cost of approximately £35 - £40k. We could save about £5 - £10k by the time we want to start and my husband [STRIKE]would[/STRIKE] might be able to get a £25k unsecured loan on his own.

Fixed the above for you to reflect your husband's actual position - there is no guarantee he will be able to get a £25k loan.

TCB1 wrote: »

My question is, I think with an income of £30k I should be able to get the small amount needed on another unsecured loan but is this still the case if husband has just got a loan too?

Depends on the lender and whether they realise that your husband also has a loan.

jonesMUFCforever

A further advance or a re-mortgage might be a better option.

DCFC79

TCB1 wrote: »

We could save about £5 - £10k by the time we want to start and my husband would be able to get a £25k unsecured loan on his own.

What makes you say he "would" get a loan, its not a dead cert and his credit score on experian is no sure fire way of a telling sign.

TCB1

True, true, poor wording from me sorry!

I believe he would be able to get the loan as he is a high earner (£70k) with clear credit record (credit cards paid each month, settled loans, no defaults, low mortgage repayments and no other debts).

We really don't want to remortgage due to the reasons given above.

TCB1

I don't know what his credit score is, should I?

Denning.

TCB1 wrote: »

I don't know what his credit score is, should I?

Credit score is largely meaningless. You, well he, should be checking his credit reports to ensure that it is accurate.

Gingernutty

Sorry, don't mind me.

Just bumping a legitimate thread over the spam.

TCB1

Denning. wrote: »

Credit score is largely meaningless. You, well he, should be checking his credit reports to ensure that it is accurate.

I can guarantee he isn't checking it, it wouldn't even occur to him to.

I suppose what I'm asking is if he applies for and is accepted for the £25k loan it then isn't something I would need to declare as it is 'his' isn't it?

Affordability isn't an issue but I imagine there is a reason unsecured loans are never for more than £25k and lenders may not be keen on the idea of so much unsecured debt in one household.

gb12345

TCB1 wrote: »

II suppose what I'm asking is if he applies for and is accepted for the £25k loan it then isn't something I would need to declare as it is 'his' isn't it?

You would need to read the questions that the application for the particular lender asks you.

If they ask "Do you have existing loans?" then you could legitimately answer no and ignore your OH's new application. However if (and I think this is unlikely - but can't be bothered to check any lenders app processes) they ask "Do you or your partner have any existing loans" then obviously you would have to answer yes.

BugsyBrowne

TCB1 wrote: »

My husband and I would like to build a loft extension next year at a cost of approximately £35 - £40k. We could save about £5 - £10k by the time we want to start and my husband would be able to get a £25k unsecured loan on his own.

My question is, I think with an income of £30k I should be able to get the small amount needed on another unsecured loan but is this still the case if husband has just got a loan too?

We don't want secured loan as we plan on paying the whole lot off within 5 years and our mortgage provider only has 5 year fixes for additional lending with very limited overpayments allowed.

May I ask the size of this loft extension you're ready to splash 35/40k on?

Reason I ask we've done loft extensions when I was in the trade well 2 of them and your prices could get you a decent size good spec 2 up extension for the price you've been quoted.

Remember loft extensions are a lot cheaper too.