Hi worried

The amount you can borrow does not depend on whether the loan is vaiable or fixed (in fact often Lenders will lend slightly more on a fixed rate deal as they feel more comforatble that affordability is proved when payments are fixed). However, not all Second Charge Lenders offer fixed rate options.

Did you organise the original offer through a broker? If so, go back to them and let them know you would prefer a fixed rate option. If you are looking for yourself, we would be happy to transfer you through to a broker via moneysupermarket.com if you give my loans team a ring on 0870 111 0001.

Louise

hi Fiamold

 

thanks for the reply.

 

I am worried that if interest rates go up we wont be able to afford the loan, I dont k ow what sort if increase it would be and how often it may change?

 have tried on the msart search but not many loans have come up. Will have another look though

 

thanks

In my opinion this is a persoal choice based on whether a) you can afford an increase and b) your view on whether the interest rate will climb further.

Personally, I expect it to drop over the coming 12months.

As to what the highest you can borrow is, that all depends on your personal circumstances and the term of the borrowing.  Have you tried using the MS smartsearch facility? 

Hi

 

does anyone know what the maximum amount is you can get on a fixed rate loan?

we are trying to consolidate £37K of debt, via loans and credit cards. I have been offered a variable rate, but dont want to go down that route in case payments start going up etc

 

I wondered if it woulc be better to do two loans say £18k each? which would be fixed rate?

 if anyone has any answers it would be great to hear from you