Home improvement loan

bruciebounus

I completed on my mortgage last thursday (1/9/11) with santander. Today I applied for a home improvement loan with Santander and have been rejected, no reason given, but not passed credit check.

I'm still on electoral role at my last address as apparently my new local authority wont update their roll until december

Could it be due to short length of time at this address?

Not taken out a loan before (except my new mortgage!) so a bit clueless to be honest.

JustinCredibleGillespie

Santander are so temperamental at times. Did they give you an explanation? Or the usual speel 'Check your credit report'?

It is likely to do with your new change of address, but its not like you could put down your old one on the application. Catch 22

Tixy

Its likely that your recent change of address and not being on the ER could be having an effect. But also the fact that you have just taken on a large new commitment in the form of your mortgage is also likely to be taken into account.

What LTV did you take the mortgage for? how much was the home improvement loan you applied for?

bruciebounus

Thanks for the speedy replies!

Tixy, I had a ltv of 30% (wish I had held more back for home improvement now!). Requested amount was £7500.

Is it worth applying with someone else, or does that do more harm than good? Should I wait until the new year so they can see record of mortgage being paid and i'll be on electoral register?