Home Improvement Loans

Livi2006

My wife and I are looking to apply for a home improvement loan and we will be looking for around £20,000. However we have noticed that the interest rises significantly once the amount increase above £12,000. Therefore, is there anything to stop my wife and I applying for 2 separate loans of £10,000 at a reduced interest rate, or is there restrictions on loans per household? We would both have similar credit ratings.

Thrugelmir

Are you applying to to your own mortgage company for the loan(s) ?

gb12345

Livi2006 wrote: »

My wife and I are looking to apply for a home improvement loan and we will be looking for around £20,000. However we have noticed that the interest rises significantly once the amount increase above £12,000. Therefore, is there anything to stop my wife and I applying for 2 separate loans of £10,000 at a reduced interest rate, or is there restrictions on loans per household? We would both have similar credit ratings.

The fact you both have similar "credit ratings" doesn't man a thing.

Lenders will look at existing credit levels compared with salary and various other factors, so you could end up with one of you getting a headline rate and the other a higher one, meaning your saving is wiped out.