Accept loan offer or apply for another?

Ben8282

I am curious as to how an individual who has chronic pain in both arms which is so bad that he can't use a computer can drive a car. act as a carer for his disabled wife and work full time in a job paying a salary of £70,000 gross PA
By taking out a loan for £10,000 close to his upcoming mortgage application he may well have adversely affected the application.
He may or may not get a better rate elsewhere. It is impossible for anyone to offer an informed opinion.

boo_star

glennstar wrote: »

Hey Boo!
You may well be right, and it's probably worth highlighting companies that do not conform to the Principles of Reciprocity which clearly states that any search to establish risk based pricing - which is the case here - should be subject to quotation search. If the UK subprime lenders have universally managed to do this, then the likes of Clydesdale Bank certainly should. It's completely irresponsible for them not to.

It's very specifically an application, not a quotation.

Those rules don't apply.

DCFC79

Ben8282 wrote: »

I am curious as to how an individual who has chronic pain in both arms which is so bad that he can't use a computer can drive a car. act as a carer for his disabled wife and work full time in a job paying a salary of £70,000 gross PA.

Yes thats something I dont quite understand. Only thing I can think is the full time work is the caring side but I dont think thats the case.

glennstar

boo_star wrote: »

It's very specifically an application, not a quotation.

Those rules don't apply.

The fact that the OP states;

1. Today he applied for a loan online (through a comparison site) with Clydesdale Bank for £10,000, with an indicative rate of 3%. The loan is to get a new car (his previous one is completely dead and he's having to hire one for now)

2. They accepted the request but it came back at 5.7% instead of 3% - I know this can happen, that's not the issue

Means differential (or risk based) pricing was used so a quotation search needs to be carried out BEFORE the search can be converted into a hard search once the offer is made/accepted. I appreciate this concept is only 3 or 4 years old, but really!

junctureengraving

He would have tried one more application if he really needs loan.