Increasing existing loan

Yan101

Hi. My wife has a loan with Halifax, been paying 2 years on it now, she has the option to increase the lending on it which would benefit us as the interest rate is lower on her quote than what I owe on my loan for consolidating. We would be borrowing about 3500 more but over a slightly longer period than what remains on her existing loan. Im just wondering if Halifax will do a hard search on her for that increase? 

jonesMUFCforever

Yes as in my opinion they would open a new loan and pay off the old one. It is possible to take out a joint personal loan with Halifax but it would have to be done over the telephone so if you go down that route expect a search on you too.

Yan101

Yea we considered that option too. Were waiting at the minute as we will be completing on a new house in a few weeks so we don't want anything to jeopardise that

Yan101

Her halifax app also tells you how much they are likely to loan you, not sure how accurate that is but their way of operating is making me want to switch to them. Santander are terrible