Applying for a mortage and loan at the same time

jayneg1 · 4 January 2011 at 9:08PM

Hi
Just looking for some advice, I'm currently about to buy my house under right to buy but I also need to pay for my wedding and want to consolidate my debt (not much just credit card etc)
Is it a bad move to apply for a loan and a mortage at the same time? By getting the loan I will actually be better of but don't want it to affect my chance of getting a mortage!
I look forward to your replys

Thanks

BadgerFace_2 · 4 January 2011 at 10:07PM

The lender wouldn't look favourably on this as it may be seen as you trying to borrow the deposit.

Getting one the week after you move in is another matter though.

Rabster8 · 4 January 2011 at 10:12PM

Apply for the Mortgage first. Once they have done the credit checks and fully approved your mortgage but before completion of the sale, apply for the loan.
The worst that can happen is your loan will be turned down.

BadgerFace_2 · 4 January 2011 at 10:17PM

Or the lender will see it when they do the credit check before releasing the funds and say no chance.

jayneg1 · 5 January 2011 at 8:36PM

Thanks for your replies!
I contacted a fiancial advisor today and he advised me not to apply before I get the mortgage also.
Hopefully will try once I have the mortgage!

Applying for a mortage and loan at the same time

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