Sainsburys/Tesco Loan - Approval Chances

marathonic

I've just applied, and been approved for, a mortgage in Northern Ireland. I'm a Republic of Ireland resident but a few lenders take Irish Credit History into account.

When I move into the house, I need to register on the electoral roll, which I can only do after being resident in the UK for 3 months.

How long should I leave it before applying for a £7,500 Sainsburys or Tesco loan to give me the best chance?

I know some may say that I'm overextending myself looking for a Personal Loan so soon after a mortgage but the reason is that I extended myself by applying with a 25% deposit (as an Irish resident, I needed to apply with this deposit so that the bank would use their 'more relaxed' underwriting rules) and have no money left for furniture.

I also like the idea of paying for the furniture over 3 years as opposed to 25.

Apples2

The longer you leave it the better.

Bit of a strange question about acceptance though, do you have a job or anything?

marathonic

Apples2 wrote: »

The longer you leave it the better.

Bit of a strange question about acceptance though, do you have a job or anything?

Yeah, I've held the same job in Northern Ireland for the past 6.5 years and have been travelling across the border on a daily basis for work.

I now want to move into Northern Ireland to, amongst other things, reduce my commute.

marathonic

Apples2 wrote: »

The longer you leave it the better.

Therein lies the problem. I'll be living in the house without furniture until I get the loan so need it as soon as possible.

I think the best plan would be to wait three months, apply for the electoral registrar, wait another month until I'm added and an additional month to allow the Credit Reference Agencies records to be updated, then apply for my report and take it from there (hopefully, applying straight away).

Joeler

If you've not moved in yet presumably you are in your old house, and on the electoral role?

Depending on when in the cycle you submit it, it can take up to 10 weeks or somnething to appear on the register (from memory - dont quote me!)

Why dont you apply for the loan before you move?

marathonic

I'm not on the electoral registrar... I'm a Republic of Ireland resident moving to Northern Ireland.

kirifruit87

I'm wondering perhaps if you've thought of financing furniture, for example, going to DFS for your sofa and if you can bring anything with you from down south.

The longer you leave it and the more pocessions you bring with you I guess you'll be in a better position to borrow.

Certainly we went to DFS when we moved bought our sofa and brought a lot of things from when we rented with us. We had great support who offered to buy us a bed etc and had donations from friends - are any of those options in the meantime.

Lastly, congratulations on getting a house and - welcome to Northern Ireland :-)

Kiri:o

marathonic

I think the financed furniture, in particular the 0% deals, have the cost of finance build into them. I'd prefer to get a loan and buy good quality furniture from the likes of monsterbeds.co.uk.

I'm considering getting a variable rate loan from the Republic of Ireland, converting it to pounds and buying the furniture with that. Then, I don't need to worry about how long to wait before applying to Tesco/Sainsburys.

Early in the New Year, after I get my christmas bonus, I'd then apply for the UK loan and use the funds to pay off the Irish loan.