How long to wait before applying for loan?

BookLover_4

We're currently in the process of applying for 2 mortgages (1 residential and 1 buy-to-let). We are also hoping to take out a loan for about £10,000 over 1 year to enable us to do some renovations and repairs on the new house quickly.

Is it ok to apply for a loan as soon as the mortgages have been approved or should we wait a bit as too many applications close together is not good. We both have a good credit history and are on electoral role at our present address.

Any advice would be much appreciated

DCFC79

You sure you can afford the 2 mortgages ? Although saying that would you have applied for the 2.

BookLover_4

We can afford the 2 mortgages but it means using up all our savings on the deposits and fees, hence why we would like a loan. We have approx. £1000pm to save after all outgoings but would rather get some repairs done on the new house sooner (before Winter sets in) rather than waiting until we save the money.

Tixy

Its advised to wait until after the sales/mortgages have completed before applying for more credit.

Your lenders will do another credit search just before completion - and some people have had mortgage offers withdrawn even at the very late stage due to additional credit or new problems on their credit reports.

Apples2

BookLover wrote: »

(before Winter sets in)

did it ever leave?

DCFC79

My apologies OP, we get some posters with some schemes and they haven't thought things through properly.

BookLover_4

Apples2 wrote: »

did it ever leave?

:rotfl:apparently summer will be here next week - better late than never!!