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Best option ?
bratcatcher1
Posts: 3 Newbie
Hi - just another one looking for advice...
We need to borrow 6k asap but by April next year at the latest when our mortgage is up for renewal. I am nervous of getting a personal loan if it will have a negative effect on any mortgage application. This said if a loan was the best option for us, I dont know if getting it sooner rather than later would be better so they could see we are paying it on time etc? And whether the rates would be better now than next year with all the budget changes occuring.
Our mortgage reverts to the SVR from April so Im unsure that we would change it to another fixed immediately if our payments are drastically reduced in the short term. But we dont want to wait any longer for the money if the plan was to borrow it alongside the mortgage. If we were to do it with the mortgage how much equity would they want us to have in our house? And does that mean if we fix for 2 years (for example) but the loan ran for 5, that we would be stuck with them?
Apologies for the ramble and quite blatent lack of knowledge on the subject. Any help really is appreciated.
We need to borrow 6k asap but by April next year at the latest when our mortgage is up for renewal. I am nervous of getting a personal loan if it will have a negative effect on any mortgage application. This said if a loan was the best option for us, I dont know if getting it sooner rather than later would be better so they could see we are paying it on time etc? And whether the rates would be better now than next year with all the budget changes occuring.
Our mortgage reverts to the SVR from April so Im unsure that we would change it to another fixed immediately if our payments are drastically reduced in the short term. But we dont want to wait any longer for the money if the plan was to borrow it alongside the mortgage. If we were to do it with the mortgage how much equity would they want us to have in our house? And does that mean if we fix for 2 years (for example) but the loan ran for 5, that we would be stuck with them?
Apologies for the ramble and quite blatent lack of knowledge on the subject. Any help really is appreciated.
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