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Loan following mortgage application
Hi,
I'm a realtively new user of MSE so please forgive me if this is a thread which has appeared countless times.
We've just completed on a new property with a 75% mortgage via YBS in place. In putting together the deposit, this has drained most of our savings. We are looking to make considerable renovations to the property before we move in with estimated costs of between 20-25k.
As part of this, an idea would be to take out a 15k personal loan to top-up available funds for the renovation. This loan would be affordable as neither of us hold any debt more than £1500 combined. The loan would be a 3-4yr term via names such as Sainsburys/Tesco/Nationwide.
Given the mortgage company will have marked my credit file in the mortgage process, what is the likely impact when applying for additional credit? How long should I wait before applying to lenders?
Thanks for your help.
I'm a realtively new user of MSE so please forgive me if this is a thread which has appeared countless times.
We've just completed on a new property with a 75% mortgage via YBS in place. In putting together the deposit, this has drained most of our savings. We are looking to make considerable renovations to the property before we move in with estimated costs of between 20-25k.
As part of this, an idea would be to take out a 15k personal loan to top-up available funds for the renovation. This loan would be affordable as neither of us hold any debt more than £1500 combined. The loan would be a 3-4yr term via names such as Sainsburys/Tesco/Nationwide.
Given the mortgage company will have marked my credit file in the mortgage process, what is the likely impact when applying for additional credit? How long should I wait before applying to lenders?
Thanks for your help.
0
Comments
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as long as the property is now yours i`d now wait a few months before applying to borrow more money0
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Do you own the property yet?
If the answer is "no" and you have merely made a mortgage application I'd suggest waiting.
The lender could withdraw an offer if additional debt turns up on your credit file.0
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