How many loans can be taken out?

alex27bt

Any advise would be much appreciated.

My husband and I are planning a large renovation on our house - we need to finance 50K

The cheapest loans are upto £25K - can we individually take out a personal loan each for 25K?

Further on in the build, should costs increase can one of us take out a further loan for additional monies eg one person having 2 x 25K loans?
We are also, drawing down £25K on our mortgage at roughly the same time.

We both have excellent credit ratings, no outstanding loans or credit card bills - all of the additional money is within our affordability.

Thanks in advance.....

glosoli

Possibly as long as the affordability is there. Just remember that your definition of affordability could be different to that of the lenders.

BoGoF

The most important figure is your salaries

alex27bt

I earn 75k husband £110k

jonesMUFCforever

Why not raise the whole amount through the mortgage?
I would have thought the interest rates on a mortgage would be cheaper than a Personal loan even if you get the best rates out there?

alex27bt

Until the work is carried out on the house the valuation isn't enough to remortgage. This would have been the ideal solution.

DCFC79

alex27bt wrote: »

I earn 75k husband £110k

Surely on them salaries you have savings ?

Excellent credit ratings mean sod all regarding loans.

alex27bt

We do - and we can afford the loans