what about this scenario please

johnwey

What do you guys reckon of this scenario...........

In process of buying a house . Mortgage offer in place. With a LTV of 60%

I need a personal loan to remodernise the house as it needs it badly . I need to apply for this before I except the mortgage because I dont want the house If I cant modernise it

The house needs approx £53k to modernise it . I will have 30K of my own money to put into it. hopefully 15K loan and get the other 8k on my credit card , 3% for one year transfer

Now I know my credit rating is good as one of my two credit cards has a 15K limit and the other 10K . all balances paid off at the end of the month , with no other loans etc

Do you reckon there is any way we could get refused the loan and credit card loan ? we already have mortgage offer in place and before you ask they will not lend us anymore , im self employed etc

Thoughts please and thankyou

CH27

Be very careful. If you get a large loan it could effect your mortgage application as your overall credit will have increased.

CLAPTON

don't even think about it until after you have actually moved in and the mortgage has actually been paid out

johnwey

CH27 wrote: »

Be very careful. If you get a large loan it could effect your mortgage application as your overall credit will have increased.

so could they revoke the mortgage offer even after its been issued if I applied for the loan afterwards

johnwey

CLAPTON wrote: »

don't even think about it until after you have actually moved in and the mortgage has actually been paid out

would you reckon that would be best then ? but would i be in a catch 22 situation after the mortgage was paid out , then the bank loan may be refused ? christ don,t know what to do ?

rs65

Couldn't you go for a higher LTV and divert some of your money to modernisation rather than deposit?

johnwey

rs65 wrote: »

Couldn't you go for a higher LTV and divert some of your money to modernisation rather than deposit?

No , the bank said they would only lend us 150k , taking into account our circumstances . so our mortgage offer is 150K

And this sum is taken into account with my workings out

johnwey

Would it be adverse to our mortgage application , even though we have the mortgage offer , if we applied for our loan ?

Basicaly , we dont want the house if we cant modernise it

should we apply for the loan before we accept the mortgage money or wait until we complete and take the risk of being refused ?

Peelerfart

creditguard wrote: »

There is no issue to get a loan, all the banks and companies are working on this due to some reason and provide help to people, but it’s upon you how to judge and differentiate the legitimate companies and scam companies. @johnwey: many nonprofit organization provide home financing, car buying loan, etc

Another creditguard gem! where would we be without them

KingElvis

creditguard wrote: »

There is no issue to get a loan, all the banks and companies are working on this due to some reason and provide help to people, but it’s upon you how to judge and differentiate the legitimate companies and scam companies. @johnwey: many nonprofit organization provide home financing, car buying loan, etc

Why on earth do you insist on posting this absolute rubbish? If it's SPAM, then it's week old spam that's been left open in direct sunlight with flies and maggots on it.....

Anyway, applying for credit during the mortgage process is a complete no no. Always complete before you apply for more credit or the bank could withdraw the offer...if they did this between exchange and completion you'd be in a dark place indeed.

You need to get down and post this on the mortgage board further down.

skintandscared_2

johnwey wrote: »

What do you guys reckon of this scenario...........

In process of buying a house . Mortgage offer in place. With a LTV of 60%

I need a personal loan to remodernise the house as it needs it badly . I need to apply for this before I except the mortgage because I dont want the house If I cant modernise it

The house needs approx £53k to modernise it . I will have 30K of my own money to put into it. hopefully 15K loan and get the other 8k on my credit card , 3% for one year transfer

Now I know my credit rating is good as one of my two credit cards has a 15K limit and the other 10K . all balances paid off at the end of the month , with no other loans etc

Do you reckon there is any way we could get refused the loan and credit card loan ? we already have mortgage offer in place and before you ask they will not lend us anymore , im self employed etc

Thoughts please and thankyou

So the house will need £53k to modernise it. You have £30k cash and £25k available credit on existing cards. Why do you need a further loan?