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JimLawyer, Solicitor
Category: Law
Satisfied Customers: 14326
Experience:  Senior Associate Solicitor
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I need to borrow money to renovate my property that i bought

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I need to borrow money to renovate my property that i bought last year. Is is worth upgrading my Lloyds bank account to a more expensive one(also my mortgage provider) to be able to access better deals on loans?

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Hello, this is Jim, a dual-qualified lawyer (UK & Republic of Ireland) and happy to help you today.

Yes, it would be an idea as the more expensive account is more likely to offer you a better deal with lower rates - this is one of the benefits of upgrading a bank account. Bear in mind if you leave it for much longer, the acceptance criteria is likely to more stringent due to the impending downturn of the economy (not just due to Covid but also Brexit issues later this year). As such you could explore an upgraded bank account now and it would also be worth talking to a Lloyds advisor to ask about the benefits of upgrading too.

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JimLawyer, Solicitor
Category: Law
Satisfied Customers: 14326
Experience: Senior Associate Solicitor
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