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Home Improvement Loans
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.
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Comments
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Are you applying to to your own mortgage company for the loan(s) ?0
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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.0
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