mortgage or loan?

Oldsoul

Please can you advise? I have a mortgage free house worth £130,000. I need to borrow £35,00 for home improvement and a car. I have found a Woolwich mortgage online for £35,000 10year fixed at 2.99%, over 15 years £242.00 per month. I can't get estimates of loans for that amount or length of time without phoning. I don't want to phone if its a stupid idea! Help please which is the cheapest way of raising £35,000. Thanks

lee111s

I think you'll struggle to get an usecured loan of that size. What's your income?

Thrugelmir

No one will lend you that amount of money on an unsecured basis.

Quimoi

I hate to contradict you Thrugelmir but (last time I looked) I had a pre-approved offer from my bank to borrow up to £42k unsecured so it is possible. The interest rate on the other hand was something like 12.9% though and I would guess that you will always be looking at significantly higher for unsecured lending at that level.

A mortgage with the shortest term you can afford and/or maximum allowed % of annual overpayment will be the best option.

Foxy-Stoat_3

Quimoi wrote: »

I hate to contradict you Thrugelmir but (last time I looked) I had a pre-approved offer from my bank to borrow up to £42k unsecured so it is possible.

Did you actually get the £42,000 ?

I had a the pre-approved loan marketing BS from Natwest a few months ago, but got declined when I sent the stuff back.

Quimoi

Foxy-Stoat wrote: »

Did you actually get the £42,000 ?

I had a the pre-approved loan marketing BS from Natwest a few months ago, but got declined when I sent the stuff back.

I didn't try but with past experience when it shows a pre-approved offer in my online banking (rather than a flyer/letter etc.) then it's accepted.

About 9/12 months ago I had the same offer in online banking and took out £15k at 3.8% (above that the interest rate was hiked) - no credit checks recorded with any of the CRA's and Barclays said it was based purely on internal scoring and their monthly feeds from the CRA's.