approx maximum total loan figure

tiger135

i have been accepted in principle for two loans, both 25k from tesco and nationwide. my income is around 30k and i have no other debts and a big sum in savings due to not owning property. 
my question is how much could i borrow in total roughly using personal loans?
it looks like ive already been accepted for 50k would that likely be the limit?

tiger135

i should add that my purpose for the loan is to buy property outright , i have 170 saved and another 50 gives me 220 as a cash buyer. this appeals to me over a mortgage, less time and hassle, and flexible to pay back quicker.

MorningcoffeeIV

It'll vary by lender. You'll always find someone to lender further at the right prices.

However, most lenders exclude property buying for reasons for borrowing, so that will limit your options. 

Don't be tempted to lie to get the funds.

MalMonroe

Totally agree with what MorningcoffeeIV said, above. 

Also, don't borrow more than you need. As per the advice on this very site. 

"Remember MSE's stance on loans: 'borrow as little as possible, repay as quickly as possible'."

TadleyBaggie

Each lender has agreed in principle because they don't know about the other one, they would never agree if they knew you intended to take out another 25K loan. Attempting to borrow 50K on a 30K income is bonkers. 

Martico

A personal (unsecured) loan would carry a much higher interest rate than a mortgage, and there's no difference in flexibility because you can overpay mortgages (most allow 10% of remaining capital per year as overpayments). Plus, as others have said, I very much doubt you'll get a second 25K loan on top of the first, and lenders are unlikely to grant an unsecured loan for a house purchase.  

sourcrates

Martico said:

A personal (unsecured) loan would carry a much higher interest rate than a mortgage, and there's no difference in flexibility because you can overpay mortgages (most allow 10% of remaining capital per year as overpayments). Plus, as others have said, I very much doubt you'll get a second 25K loan on top of the first, and lenders are unlikely to grant an unsecured loan for a house purchase.  

Lets amend that to "Lenders are unlikely not going to grant an unsecured loan for a house purchase".  

In order to get the loans, you would have to lie on your application, using unsecured credit to purchase property is madness.

Lenders would see in real time any credit searches, so one loan may possibly be granted, but a second one won`t, as lenders may be a lot of things, but they are not stupid.

cymruchris

tiger135 said:

i have been accepted in principle for two loans, both 25k from tesco and nationwide. my income is around 30k and i have no other debts and a big sum in savings due to not owning property. 
my question is how much could i borrow in total roughly using personal loans?
it looks like ive already been accepted for 50k would that likely be the limit?

That's not quite how it works.

If I was pre-approved for 5 loans through various eligibility checkers for £25k a piece - I wouldn't be able to take out a total of £125k of loans!

Eligibility checkers show your chance of getting a single product at any given time based on your circumstances.

In yours - it appears as though you're eligible for £25k. (Not guaranteed until a full application is made - and at that point you can still be declined - even if pre-approved!)

If you want to buy a property - the generally accepted methods are either from your savings or disposal of other assets - i.e. cash, or a mortgage.

Personal loans aren't for buying property, they're for property improvement, cars, holidays etc. with you needing to give an honest reason as to why you're taking the loan.

Don't be tempted to lie. It could easily come back and bite you on the backside.

secla

I’m suprised you would get 25k personal loan with a 30k income tbh 

Herzlos

tiger135 said:

i should add that my purpose for the loan is to buy property outright , i have 170 saved and another 50 gives me 220 as a cash buyer. this appeals to me over a mortgage, less time and hassle, and flexible to pay back quicker.

With £170k saved and buying at £220k you're going to be in a great position for a mortgage, which will give you a much better rate than a loan (which won't be possible). It'll take a bit longer for the paperwork to be sorted admittedly.

A mortgage can be just as flexible if you take one without fees, though you'll pay a slightly higher APR.

With a mortgage you could probably get up to about £290k, too.

What's your plan to pay back this £50k loan on a £30k salary?

Grumpy_chap

tiger135 said:

i have been accepted in principle for two loans, both 25k from tesco and nationwide. my income is around 30k and i have no other debts and a big sum in savings due to not owning property. 
my question is how much could i borrow in total roughly using personal loans?
it looks like ive already been accepted for 50k would that likely be the limit?

What is your dislike for having a mortgage?

Each of the potential £25k unsecured loans will be on the basis of no other borrowing.  You won't get both.

Unsecured loans won't be available for property purchase.

Mortgage will likely give you the potential of greater borrowing limit and lower interest rate.  Don't borrow more than you need to, though.