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A personal loan after being accepted for mortgage.
craigp82
Posts: 14 Forumite
Hi,
Would our mortgage offer which we have been accepted for be affected if we took out a personal loan before the completion date of new purchase.
Would our mortgage offer which we have been accepted for be affected if we took out a personal loan before the completion date of new purchase.
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Comments
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Is it an AIP?
How many other credit searches do you have in the past 6 months?
Do you have any other credit/loans/store cards.
Personally in this dodgy economy I'd say wait, if you need the cash try using a credit card if you have one with low APR."The only man who makes money from a gold rush is the one selling the shovels..."0 -
Hi,
Whats AIP, we have been accepted for our mortgage and everythig is going through but we may need to take a peronal loan before we actually move in, i am just wondering if this would then affect getting our mortgage.0 -
spunko2010 wrote: »Is it an AIP?
How many other credit searches do you have in the past 6 months?
Do you have any other credit/loans/store cards.
Personally in this dodgy economy I'd say wait, if you need the cash try using a credit card if you have one with low APR.
Please keep it simple. What on earth is AIP. Perhaps it is something to do with Dr Who.0 -
An Agreement in Principle.
http://www.mortgages-remortgage.com/agreement-in-principle.htm
As you have a completion date I assume it's a full offer on a home you are buying."The only man who makes money from a gold rush is the one selling the shovels..."0 -
Hi,
No its a full mortgage offer all been accepted and being processed.0 -
It would constitute a material change as it would affect the Lenders view on your affordablilty.
If you take one you should tell the lender. They may decide they dont want to give you the mortgage if you have more unsecured borrowing than when you applied for the mortgage.
Once you have completed you are free to do what you feel is best so do it thenI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Wait until after completion.
If your case is pulled for audit, a new credit agreement might mean the withdrawal of your mortgage offer between exchange and completion.
You do not want to experience that.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
What purpose is the loan for? Could you delay until after completion?
I would be very wary of making any changes to your current credit arrangements before completion. Until the mortgage money is in your account, they can review your credit status at any time and any changes will flag a concern. Don't risk it!0 -
Hi,
Part of the loan would make up the deposit for the new purchase, the mortgage is in both names the direct debit would be from my account but my wife is looking to take the personal loan i really didnt think it would affect anything.
panic stations0 -
Yeah Panic Stations!
Lenders dont accept loans as deposit money!
Why didnt your Broker point this out to you?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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