Will any bank lend us more than this?
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estelle
Apprentice
Joined: 23 Feb 2006
Posts: 2
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 Posted: 03/02/08 - 09:00 Post subject: |
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My husband and I are trying to get a good loan deal. We are considering to get a joint loan so we could borrow more. Should we get higher amount if we get it? We got one offer which is 20000 pounds but we require more. They calculated it concerning both credit scores. Will any bank lend us more than this?
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alexis
Apprentice
Joined: 20 Oct 2006
Posts: 4
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| Posted: 03/31/08 - 23:43 Post subject: |
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When getting a joint loan with your spouse, both credit scores and incomes are calculated. If one of you has a poor credit score that would affect the offer. Even if the other has a perfect score you won't get more money. Maybe another bank would lend you slightly more, not it won't be a big difference. Lenders have similar methods of determining the amount they could lend you, so difference is minimal. If you are not satisfied maybe you should try to apply for loan separately but it probably won't help. Maybe you could find a lender with better conditions. That means that you could get lower APR, lower rates, no fees etc. In my opinion getting more money is probably impossible. Consult the financial adviser for more advice, but I think you'll get the same answer. At least you would consider other options for what ever you need that money.
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