Personal loan or mortgage? Which to apply for first?

Egburt_Nobacon

Looking to raise about £30k for some house renovation work.

Can get about £20k as further mortgage advance based on current ltv, then looking for the balance on a personal loan at a good rate.

Affordability and credit file good.

Considering zopa for loan but heard that they will not lend after recent other borrowing?

In general terms, which should I apply for first so as not to jeapordise the other?

Apples2

https://forums.moneysavingexpert.com/discussion/3947647

How useful will the loan to renovate actually be if you cannot get the mortgage to buy the house at all?

Egburt_Nobacon

Good point well made.

However I am looking at further advance on an existing mortgage, not a new application. Dont have enough equity available in the property to raise the full required amount .

jamesd

Mortgage first, then loan. Mortgage lenders are likely to care about unsecured borrowing levels, unsecured lenders are less likely to care about secured borrowing.

If your credit record is good you can probably get better deals away from Zopa at the moment, depends on just what amount you end up looking to borrow and for how long. Credit card balance transfer deals can be particularly inexpensive and some like Virgin allow a balance transfer from card to current account, which puts money into the current account.

Declaration of interest: I've had a loan via Zopa and have lent via Zopa but I don't currently have any offers to lend there.