Loan after House Completion

marathonic

I'm in the process of applying for a 75% LTV mortgage. The thing is, my savings are ALL going towards the deposit leaving no money for furniture. I have my own 40 inch tv and sofa from a previous property but that's it.

How likely am I to be accepted for a £4k loan if I apply a day or two after completion on the house purchase?

My salary is £26k and the mortgage will be £90k. The bank were willing to lend more on the mortgage but their 2-year rate on the mortgage is 1% lower at a 75% LTV so I went for that product (better to pay 3% on £90k AND 11% on £4k than 4% on £94k).

I'd be looking for the £4k for 18-24 months.

poppasmurf_bewdley

You don't need a £4k loan to buy furniture.

When I split up with my ex, I managed to furnish a whole 2 bedroom house on £350.

Buy secondhand, visit the Freecycle website for your area, ask friends and relatives. You can buy very decent cookers for £25, fridges and freezers too. The only thing I bought new were two cheap mattresses until I could afford better.

marathonic

poppasmurf_bewdley wrote: »

You don't need a £4k loan to buy furniture.

That's true but I can afford the loan and there's a few other bits and pieces that need doing. The house is being sold by a developer who had intended doing these things but our negotiations involved bringing him down to the stamp duty threshold but he wouldn't do the work at this price.

I need furniture, painting, new carpet or laminate flooring, some work to make outside manhole covers safe.

The flooring needs replaced as it's ripped and lifted in three of the four bedrooms (I've no idea how it could have got into the shape it's in - possibly dogs or something belonging to the previous tenants as the developer rented the house when it wouldn't sell after the recession hit.

Phil_rich

It will probably be easier to get a credit card, you will also get 0% on purchases so win win.

[Deleted User]

Phil_rich wrote: »

It will probably be easier to get a credit card, you will also get 0% on purchases so win win.

This.

Natwest do 20 months and I got a credit limit of £3500 so not too far off.

arcon5

Take a trip to Ikea

Phil_rich

arcon5 wrote: »

Take a trip to Ikea

You will then need another loan 2 years down the line once its all fallen apart.

neverdespairgirl

Phil_rich wrote: »

You will then need another loan 2 years down the line once its all fallen apart.

it depends - some of their stuff is incredibly tough.

OH and I bought 2 pine desks for £35 each in 1997, and they are now being replaced. Quite a bargain.

mynameistallulah

neverdespairgirl wrote: »

it depends - some of their stuff is incredibly tough.

OH and I bought 2 pine desks for £35 each in 1997, and they are now being replaced. Quite a bargain.

I agree - I bought a £70 bookshelf in 1999, it is now on its third owner, been through at least five house moves, and is still going strong.

sparklefrog

I would be very wary of taking on additional loans so soon after you have bought a property as until you have an idea what your outgoings are going to be for gas/elec/water/council tax/ etc you may have underestimated your disposable income.

Freecycle is a great place. My son moved into his first flat and kitted out the whole place using freecycle. and its looked just fine. At least that way you can live in your new house and replace items as your budget allows.