Can I increase my payment term on my Tesco loan?

Marsh18291

Hi all

I have had a Tesco loan since September 17. I am looking at ‘re financing’ as I am currently going through a break up and would like to apply for a mortgage.

My mortgage advisor advisors to refinance my loan to bring my monthly payments down; which will happily land me in the right category for a mortgage acceptance.

Ideally I would like to stay with Tesco, but I have heard about a top up loan - does this mean I have to increase my loan amount? I do not want to loan any more money, I just want to ensure my monthly payment is less than £100.

Can anyone give advice?

Thank you :j

[Deleted User]

You'd need to apply for a new loan, to pay off the first.

Whether you can get one depends on your circumstances. I would be wary of applying if you're imminently applying for a mortgage.

Penelopa.Pitstop

But if he/she won't apply for a new loan for longer period, to pay off first one, he/she won't get a mortgage any way. So some action has to be taken.

[Deleted User]

Indeed. Hence why I said they should be wary, rather than not do it. They are competing concerns involved.