Joint Mortgage confusion

notaclue101

Hi all,

I'm hoping someone can help.

My partner and myself are looking to apply for a mortgage, we have had a quotation of how much we can borrow and are happy with the outcome, the mortgage lender was positive about our status. My partner would be providing a large deposit but would like me to come on board and have a joint mortgage, down to the fact I will be living there and will be making contributions.

I would like a personal loan to carry out some structural work that would need doing. What would the personal loan lender be looking for, would the mortgage affect my loan application? Is it better to take out a loan after the mortgage process? Should he just get an independent mortgage for the time being?

Any advise would be appreciated

Thanks

holly_hobby

I wouldn't apply or effect a loan until you have completed, unless there is bags of affordability and you have stonking credit scores - as lenders often perform ad hoc credit checks between offer and completion, any changes such as this may result in a revised offer OR complete withdrawal of the mge offer depending upon the above - a change I don't think I would risk my mge for, but its your decision.

The app foryour personal loan will be based on your income and credit status/score - if you look to effect a secured loan this will require the consent of your mge lender as 1st/primary chargee.

Hope this helps

Holly

notaclue101

Thanks for your advice

I do think it unwise to threaten our mortgage application. I have checked my credit and have an excellent rating so thats a positive. Hopefully we will be able to limit the costs of the work that will need doing and a loan would be as little as possible. A loan will have to come after the mortgage process.

Thanks Again

holly_hobby

Absolutely, a point to note, is that your "credit score" with on line providers such as Experian, Equifax, Call Credit - has little bearing to the credit score we talk about with mge lenders.

Obv if you have no adverse thats a positive, but mge lenders look at other aspects, which the above CRAs, can't and don't take account of.

Anyway - waiting to post completion, in my opinion, would be the best way to play this.

Good luck ..

Holly x

Experian_company_representative

Yes, avoid applying for other credit before your mortgage goes through.

James Jones