Mortgage and Personal loan help required

[Woolfie]

I would like your thoughts on this please. I have a mortgage and a personal loan throught the Royal Bank which have a total repayment of about £950 per month. They are both over 15 years but when i worked the payments out if i was to increase my mortgage to pay off the loan I would be approximately £200 better off each month. The bank are refusing me the extra borrowing stating that the problem is my credit report. Now I changed my mortgage to an offset type with the same bank in May and there was no problem. Since then the only thing that has changed on my CRF is that I have had a ccj removed from the file.

Now i appreciate that the bank dont have to lend me more money but i am not asking for more, just to consolidate two loans that are already with them. They are going to loose money tho. could this be why they are reluctant to consolidate?


Any thoughts please

[Nattie]

Re: Mortgage and Personal loan help required

No is my opinion, but have you got an updated credit report? Have you asked the bank to explain the anomaly? any response from them?

[WendyB]

Re: Mortgage and Personal loan help required

Its not only your credit report, with natwest its how you operate your accounts as well. We got refused a further advance last year for this reason and ended up taking out a secured loan at quite a high rate. However, have just reapplied for, and got, a further advance with Natwest, for the same reason as you, to pay off the loan and reduce our monthly payments. Although our accounts are now in order, this is only because we've had charges claims paid back into both accounts. Also I have a default showing on my credit file (although only 28quid outstanding), and still got the further advance. Might be worth asking them to eleaborate, sometimes it depends who you speak to as to what info you can get out of them.

[Jason Drakes]

Re: Mortgage and Personal loan help required

I also answer in no. But you must ask your bank in detail and find some solution. You ask them of your credit card report and then check it. Without report you cannot do anything.

Chicago Lincoln Park Real Estate