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Loan for Home Improvements
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SavvySpaniel
Posts: 20 Forumite
in Loans
Hi there, we are looking to do some home improvements and are looking to spend about £15k.
I have just had a look at the loans recommended on the MSE site and see that M&S and Sainsburys have good rates for what we are looking for.
I have also just gone through to the Santander website to see how much it would cost as additional borrowing on our mortgage.
My question is, if we go with Sainsburys or M&S at rates of around 2.8% - would these be fixed for the duration of the loan?
As opposed to the Santander loan which looks like it could go up if the interest rates rise again - as the first two years are fixed and then it would go on to the Follow-On rate (variable).
Thanks
I have just had a look at the loans recommended on the MSE site and see that M&S and Sainsburys have good rates for what we are looking for.
I have also just gone through to the Santander website to see how much it would cost as additional borrowing on our mortgage.
My question is, if we go with Sainsburys or M&S at rates of around 2.8% - would these be fixed for the duration of the loan?
As opposed to the Santander loan which looks like it could go up if the interest rates rise again - as the first two years are fixed and then it would go on to the Follow-On rate (variable).
Thanks
0
Comments
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As far as i am aware, most, if not all, secured borrowing, is subject to a variable interest rate.
You may get a fixed rate for a certain period, then it usually reverts to variable again.
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Ah .. OK. In the past I have had a personal loan (for a car purchase) which stayed at the same rate for the duration of the loan. I thought that perhaps the M&S/Sainsburys personal loans would be the same?!
I will contact them to check.
Thank you.0 -
SavvySpaniel wrote: »Ah .. OK. In the past I have had a personal loan (for a car purchase) which stayed at the same rate for the duration of the loan. I thought that perhaps the M&S/Sainsburys personal loans would be the same?!
I will contact them to check.
Thank you.
Personal loans are not secured = these will be fixed for the duration.
Mortgages are secured - these will likely be fixed for a period before reverting to variable.0
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