Increasing the amount of an existing loan...

[TREMAiNE]

Deleted in error!

Edited by TREMAiNE on Sunday 14th August 19:34

[V8mate]

You'll effectively be taking out a new loan, part of which will pay off your old loan, and part of which you'll receive in cash.

No problem for your credit rating at all (apart, of course, from showing you having a greater level of debt)

[IanCress]

I've just done this with a Halifax loan - extended the term by 12 months and borrowed an extra £6k, keeping the monthly payments the same. Did it all online without having to speak to anyone and the money was in my account in 5 minutes. Almost too easy!

As long as you keep making the monthly payments it won't have an effect on your credit rating.

[TheLordJohn]

IanCress said:

I've just done this with a Halifax loan - extended the term by 12 months and borrowed an extra £6k, keeping the monthly payments the same. Did it all online without having to speak to anyone and the money was in my account in 5 minutes. Almost too easy!

As long as you keep making the monthly payments it won't have an effect on your credit rating.

Glad you got sorted out, OP.
I have done the same as quoted, but to a much smaller degree! (I'm only poor!).
Online banking, so, so easy.
It's a new loan, pays off old loan and gives you the balance to do with as you wish.