Getting Personal Loan as soon as mortgage completes

newMortgagee

Hi All,

This is the first time I'm posting on this forum, I've had a look at previous posts and couldn't find any that answered my questions.

So I've got a mortgage offer from Halifax and have setup to complete later this month, I am told that the lender will do another credit check before completion so I've been careful not to take any more credit out, etc.

I would like to take a personal loan as soon as the house purchase completes to consolidate by debt (credit cards and overdrafts) and to pay for furniture/moving costs (all of these have been revealed to the mortgage provider).

I am worried that as my credit search will reveal that I've already had two searches in the space of a month it will be a problem.

Also I have just registered with on the electoral registry (beginning of the month), is the duration your on the registry a factor? I was offered the mortgage before I was registered, which is an encouraging sign.

I don't think the affordability of the loan + mortgage will be an issue, its just if they look negatively at the mortgage searches.

Has anyone got any experience with being in such a situation, has anyone ever taken a loan as soon as they've completed on a house?

Thank you very much in advance.

newMortgagee

anyone?

Anyone know if two credit searches in the last two months will be seen as too many by loan providers?

Which banks are the most lenient with regards to lending?

Thanks.....

Rafter

It all boils down to affordability.

Consolidating debt is also tough because the bank has no guarantee that you will actually pay off the debt and won't just take out more.

Who do you bank with? It maybe getting a loan with them is best.

Might also be worth waiting a few months and using credit card limits until the searches clear and things have settled down (and your electoral roll entry is updated).

Good luck

R.

newMortgagee

Thanks for the reponse Rafter....I don't think affordability will be an issue as I will have a significant portion of my income left after the mortgage.

I bank with Natwest.....

Does the duration your on the electorial registry matter or is it as simple as the fact that you are on it?