We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Dilemma - Personal Loan app having just got AIP
Options
organometallic
Posts: 6 Forumite
Hi Folks,
I've got an agreement in principle from Nationwide via new homes mortgage helpline for a purchase (as soon as we sell our bleedin' house!) of a new build Crest Nicholson home using Help to Buy Wales.
It initially went to refer but after answering a few Q's it's now agreed.
I currently have a personal loan with First Direct (applied last November got 8.9% APR - 50 payments remain) with £16404.50 outstanding and a settlement figure of £14033.46.
Just did the eligibility checker on MSE and it gives me a 70% chance of acceptance on the Sainsbury's Personal Loan best buy (3.6%) meaning I could keep the monthly payment marginally the same but have it paid off a year sooner this includes a 2 month payment holiday which would free up a bit more cash for the potential move.
My questions are thus:
1. Financially is it worth doing?
2. Is the 70% acceptance for the loan or for the loan at that rate?
3. Could this scupper my mortgage application even though it's been 'agreed'?
Cheers Folks.
Dunk
I've got an agreement in principle from Nationwide via new homes mortgage helpline for a purchase (as soon as we sell our bleedin' house!) of a new build Crest Nicholson home using Help to Buy Wales.
It initially went to refer but after answering a few Q's it's now agreed.
I currently have a personal loan with First Direct (applied last November got 8.9% APR - 50 payments remain) with £16404.50 outstanding and a settlement figure of £14033.46.
Just did the eligibility checker on MSE and it gives me a 70% chance of acceptance on the Sainsbury's Personal Loan best buy (3.6%) meaning I could keep the monthly payment marginally the same but have it paid off a year sooner this includes a 2 month payment holiday which would free up a bit more cash for the potential move.
My questions are thus:
1. Financially is it worth doing?
2. Is the 70% acceptance for the loan or for the loan at that rate?
3. Could this scupper my mortgage application even though it's been 'agreed'?
Cheers Folks.
Dunk
0
Comments
-
An AIP is not a mortgage offer. I'd maintain the status quo for the time being. Try and eek some savings out from your budget to overpay the First Direct loan instead.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards