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Which loan to take
Hi There - Looking at financing some home improvements and been on money supermarket.
I've been pre-approved for a loan at 7.9%, and that rate is guaranteed.
I have been given 95% eligibility for a loan at 4.5% from virgin money.
What do I do? Obviously, I want the lower rate, but if I am given a different rate on application, will I lose my pre-approval for the 7.9% loan? Just wondering whether to take the risk, or go with the guaranteed option.
Thanks!
I've been pre-approved for a loan at 7.9%, and that rate is guaranteed.
I have been given 95% eligibility for a loan at 4.5% from virgin money.
What do I do? Obviously, I want the lower rate, but if I am given a different rate on application, will I lose my pre-approval for the 7.9% loan? Just wondering whether to take the risk, or go with the guaranteed option.
Thanks!
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Comments
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No such thing as pre-approval, any lending is going to be subject to checks that may flag something up and have the offer pulled.0
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would question the reasoning for a loan in the 1st place - is it urgent work? If not, why not save up for it rather than gathering debt?
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Apply for both at the same time. Then accept the one with the best offer and do not proceed with the other one.Debt Free: 01/01/2020
Mortgage: 11/09/20240
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