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  • FIRST POST
    • Skywalker007
    • By Skywalker007 12th Jun 17, 7:35 AM
    • 13Posts
    • 1Thanks
    Skywalker007
    Getting A Loan After Mortgage Completion
    • #1
    • 12th Jun 17, 7:35 AM
    Getting A Loan After Mortgage Completion 12th Jun 17 at 7:35 AM
    Hello,

    I have just completed purchasing a house last week and i have collected the key. We don't want to move in yet as there are some things we will like to get done on the house before moving in.I recently applied for a loan from Post office and was rejected.It was £20,000 for 7 years. I have previously applied for £8,000 for a year and was successful.I have paid that off

    I'm quite confused but when i looked at my bank statement, i noticed my address has been updated to the new house address i purchased. My bank gave me the mortgage.

    During my application, i used my current address for the loan which was declined. I have not moved in yet to the house.Do i have to put my new address down while i have not moved in? None of my documents has been updated to the new address and i'm currently not on the electoral role there.
    .Has anyone been in this situation before or have any experience in situations like this?
Page 1
    • Westminster
    • By Westminster 12th Jun 17, 7:39 AM
    • 758 Posts
    • 462 Thanks
    Westminster
    • #2
    • 12th Jun 17, 7:39 AM
    • #2
    • 12th Jun 17, 7:39 AM
    Not sure there will be a hard and fast rule on this.

    If it were me, I would list the address where I was living at the time of application.

    Presumably you are still on the electoral roll at your old / existing address - this is likely to have an important weighting in your application.

    20k is still quite a big unsecured loan amount so it may be nothing to do with your address.

    Have you tried the eligibility calculator here - https://www.moneysavingexpert.com/eligibility/loans-calculator/
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

    I'm a volunteer to help the boards run smoothly, and I can move and merge posts on there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
    • Skywalker007
    • By Skywalker007 12th Jun 17, 7:56 AM
    • 13 Posts
    • 1 Thanks
    Skywalker007
    • #3
    • 12th Jun 17, 7:56 AM
    • #3
    • 12th Jun 17, 7:56 AM
    Thanks Westminster. I did not think about the amount too big but i guess you are right. Regarding eligibility. I am eligible for most loans. my credit is excellent and i have never defaulted on any credit at all. i have gone through the process in that link and it says i am eligible.
    Do you think its a good idea to apply again or just call them to reduce the amount if i can? I'm worried about hard search on my credit report.
    • Westminster
    • By Westminster 12th Jun 17, 8:11 AM
    • 758 Posts
    • 462 Thanks
    Westminster
    • #4
    • 12th Jun 17, 8:11 AM
    • #4
    • 12th Jun 17, 8:11 AM
    Whether it is a big amount for any given individual will come down to affordability / existing credit commitments so I was speaking in general terms rather than specifically for you.

    Soft searches are a good way to limit the impact of multiple hard searches.

    However, being eligible is one thing, the rate you actually get once you go for a full application often tends to be something else entirely (there are frequent threads popping up with people complaining they didn't get the advertised headline loan rate). Its a limitation on the system as it currently stands and could dearly do with changing - but this is the system as it is.

    I would be disinclined to apply again to a lender who has already declined you - unless something very significant has changed since your last application then you will be setting yourself up for another decline / hard search.

    Does the eligibility checker give you a high chance of being accepted with your own bank as they will have more data to go on when assessing your application and the resulting rate - you 'may' have a better chance of acceptance and a better rate assuming your financial management is good. You may also find, if you go in to your bank branch, that their computer will give an indication of the maximum lending they may offer you.

    Best of luck anyway!
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

    I'm a volunteer to help the boards run smoothly, and I can move and merge posts on there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
    • Skywalker007
    • By Skywalker007 12th Jun 17, 8:49 AM
    • 13 Posts
    • 1 Thanks
    Skywalker007
    • #5
    • 12th Jun 17, 8:49 AM
    • #5
    • 12th Jun 17, 8:49 AM
    Thanks Westminister. I'll try my bank and see what they say this time. They have never provided me a loan but i got a mortgage off them. I have never questioned why they won't give me a loan even though my credit is good as i found out other lenders outside were cheaper.i do have overdraft which i never use and credit card which gets paid in full every month. I think i'll pop over and have a discussion this time as my credit is spotless
    • Westminster
    • By Westminster 12th Jun 17, 9:16 AM
    • 758 Posts
    • 462 Thanks
    Westminster
    • #6
    • 12th Jun 17, 9:16 AM
    • #6
    • 12th Jun 17, 9:16 AM
    Can't help to ask - but if they have previously declined you and have also recently lent you a mortgage then they may look to limit their credit exposure to you.

    Maybe ask if they can do a soft-search when you go in to the branch?
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

    I'm a volunteer to help the boards run smoothly, and I can move and merge posts on there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
    • Skywalker007
    • By Skywalker007 12th Jun 17, 1:33 PM
    • 13 Posts
    • 1 Thanks
    Skywalker007
    • #7
    • 12th Jun 17, 1:33 PM
    • #7
    • 12th Jun 17, 1:33 PM
    Just came back and was told they cant lend me money. Credit policy decline. This has nothing to do with my credit score but through their internal review. This has been going on for over 4 years. All my loans have always been from other lenders but my bank is refusing to get me a loan. I am just confused right now and this decline has nothing to do with the mortage
    • Westminster
    • By Westminster 12th Jun 17, 1:58 PM
    • 758 Posts
    • 462 Thanks
    Westminster
    • #8
    • 12th Jun 17, 1:58 PM
    • #8
    • 12th Jun 17, 1:58 PM
    Each lenders draws up their own risk profile / customer target etc.

    Just because they won't lend to you has no bearing on whether anyone else will - never take these things personally.

    Despite what marketing may say - we are all just numbers to these companies.
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

    I'm a volunteer to help the boards run smoothly, and I can move and merge posts on there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
    • Candyapple
    • By Candyapple 12th Jun 17, 3:15 PM
    • 2,242 Posts
    • 1,700 Thanks
    Candyapple
    • #9
    • 12th Jun 17, 3:15 PM
    • #9
    • 12th Jun 17, 3:15 PM
    Just came back and was told they cant lend me money. Credit policy decline. This has nothing to do with my credit score but through their internal review. This has been going on for over 4 years. All my loans have always been from other lenders but my bank is refusing to get me a loan. I am just confused right now and this decline has nothing to do with the mortage
    Originally posted by Skywalker007
    Which bank is it? If it's part of the Lloyds Banking Group, then there will be something wrong with the info they hold on file about you.

    If it's not the above, then some banks have different criteria for each product. E.g you may be eligible for a mortgage and credit card with them - but not a loan. Or vice versa.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Skywalker007
    • By Skywalker007 13th Jun 17, 10:32 AM
    • 13 Posts
    • 1 Thanks
    Skywalker007
    Its Lloyds. this has been going on for years and i usually pick other lenders as their loans are cheaper. Its just annoying. I have asked to tell me why and they started asking if i ran my account as a business before or how i have been transacting business with my account. Its weird as i am a permanent staff and they keep questioning my account.
    • Candyapple
    • By Candyapple 13th Jun 17, 12:40 PM
    • 2,242 Posts
    • 1,700 Thanks
    Candyapple
    Its Lloyds. this has been going on for years and i usually pick other lenders as their loans are cheaper. Its just annoying. I have asked to tell me why and they started asking if i ran my account as a business before or how i have been transacting business with my account. Its weird as i am a permanent staff and they keep questioning my account.
    Originally posted by Skywalker007
    Like I said before, if its Lloyds then it will be the info they hold on file about you as to the reason for you being declined.

    If they're asking about you using your account as a business account, then you need to get to the bottom as to why they think this and answer any of their questions because somewhere down the line your account has been marked and until you find out the reason why, you'll continue to never be able to get a loan with them.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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