Loan Question

[TheSameButDifferent]

I have £500 to spend a month on repaying a loan, have looked at my bank's lending rates and if I pay back £300 a month it's 6/9% and if I pay £500 it's 10.9%.

Anyone know of any good deals at the moment as the above seems daft.

Thanks

Sorry, more waffle. I am a joint mortgage holder, but no longer pay into it as DH is earning enough to pay it on his own, when I apply for a loan, will the fact that I don't pay into the mortgage, set alarm bells ringing, with regard to the credit score?

I am going to see the bank but just wanted to know if anyone here would know.

You will still be deemed liable for the mortgage payments, even if you're not currently paying them, so although it won't affect your credit score it may affect your affordability calculations. Can't help with current deals, it's a good few months now since I got out of retail banking and not kept up to date with things, have you tried looking on money saving expert?

Thanks Rock, will have a look.

Have you looked into taking out an additional loan on the mortgage? They are much lower if you have enough equity to do so.

On Experian, if you sign up for a free 30 day trial, they look at your credit rating and give you the best loans for your circumstances/needs also. This makes sure you have the best deals. I have also heard that Sainsburys loans are reasonable, as long as it is over £7,500. TBH, any loans over that amount have a good interest rate.

Second MSE, great advice on there.

Thanks, am seeing mortgage company soon, so will ask! Sains are the lowest as per Mse, just a case of whether I would get one. Don't want to apply and refuse iykwim. If I apply and then if they say I am not accepted, will that weaken my credit score?

I don't want to say for sure re applying and weakening credit score, but if you are going to be applying to a couple of places for a loan, they can see that you are having a number of credit scores done in a short amount of time and refuse you on the grounds you may seem to be high risk for that time. Don't know why!

I'd say, definitely try experian credit report, checking your report won't affect your score. I think mortgage company is best bet though. Also, they take childcare costs into account now.