Loan advice please!!

dmg1109

Hi
I am looking to have a kitchen extension built at some point this year. We have just moved to a new house and have about £10K equity in it therefore I cannot borrow against the mort=gage at this point. We need a loan of around £30K between us, we both have good credit scores according to noddle and Experian - please can I have some advice over who is the best place to go to, how to improve our chances of being accepted at a lower rate, and whether its best to get a loan each or a combined loan.
Advice GREATLY APPRECIATED!!!!

Pixie5740

The best loan rates tend to be for personal loans between £7,500 and £15,000 so your best bet is probably two £15k loans, one each. If you play around with some online loan calculators you could work out what the repayments would be. Can you currently afford to comfortably save whatever those repayments would be?

Neither Experian or Noddle lend money so whatever score they give you is irrelevant, lenders don't use them and have their own methods of scoring your loan applications.

CLAPTON

Pixie5740 wrote: »

The best loan rates tend to be for personal loans between £7,500 and £15,000 so your best bet is probably two £15k loans, one each. If you play around with some online loan calculators you could work out what the repayments would be. Can you currently afford to comfortably save whatever those repayments would be?

Neither Experian or Noddle lend money so whatever score they give you is irrelevant, lenders don't use them and have their own methods of scoring your loan applications.

what do you earn?

dmg1109

we currently earn £46 between us as I am only working part time at the moment. We have no other debt.

[Deleted User]

dmg1109 wrote: »

we currently earn £46 between us

Blimey. Not sure £4 a month is going to cover the repayments.

jonesMUFCforever

How much can you save in say next 6 months?

dmg1109

hahahaha £46K a year - not £46 hahaha. We can afford to pay around £500/mth combined off a loan - just don't know which is the best way to do it or who to go with.

Pixie5740

If you managed (and I'm not saying to will be able to get them) to get two £15k loans over 60 months at an APR of 3.3% then your repayments would be around £270 for each loan so that would be more than your £500 budget. That's with pretty much the best loan rate available.

Play around with the MSE loan eligibility calculator to work out if you have a snowball-in-hell's chance of obtaining two £15k loans.

foxy-stoat

Best thing you can do is buy £500 worth of Premium Bonds a month for the next 6 months. Once you have £3000 saved up, try and get 2 loans for £13,500. If you have not saved £3000 by June/July then you would not of been able to afford the loans, assuming you can actually get the lowest headline rate.

Good lucks.