Joint loan with Halifax wanting to pay off with another bank. Advice please.

Hi everyone... but always follow mse.

Myself and my wife want to borrow £15000 from another bank as there interest (apr) is cheaper than what we are paying at the moment. Question is can we do this to basically consolidate that dept with loan. My credit score is excellent and my wife's. We have a relatively low mortgage. I know that Apr is a representative so it could change but I hope this is unlikely.

As this would be a joint loan and myself and Wife's annual income before tax is just over 50k how can I apply for it to be a joint loan over the telephone with sainsbury? Or do they give me this option over the telephone?

Thanks for reading and look forward to your reply.

Cheers.
Grey :money::D:beer:

Comments

  • Yes, just apply in joint names.

    Be aware however, that wanting to borrow a total of 30k will put in a fairly high risk band.

    Your credit scores won't show you that (or anything else of use, for that matter).
  • Thank you. When you say high risk I'm assuming this is what they will look at before giving us the OK for loan?
  • Yes. They will consider what's going to happen to their money if you choose to buy 15k worth of Justin Bieber CDs rather than pay off the other loan.
  • Caz3121
    Caz3121 Posts: 15,533
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    If you already have £15k debt and apply for another £15k, there is no guarantee to Sainsbury that you will use the £15k from them to pay off the other £15k so you will be assessed as having a total debt liability of £30k and may well not put you into the 51% of successful applicants that get the headline rate
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    I would by no means assume that an advert for a loan rate means you will get that loan rate. Plenty of aggrieved posters here saying they applied for the Sainsburys 3.1% and were offered 8.9% or whatever.

    If you do get the rate you want, dont be surprised if they insist on paying it direct to the Halifax.
  • Thank you all for the input. I wouldn't be bothered if they said no and it hit my credit score as I have no plans in asking for any other credit in future definitely not within the next year or so. And that would be great if they would offer that service to pay Halifax off. Will call them and speak openly about it and my worries and see what they advise. If they can that is.

    Grey
  • OP Have you asked Halifax if they will offer you a cheaper rate now?
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