Chances of personal loan after mortgage

bretts

Just looking for some advice please

I am about to complete on my house day after tomorrow, can I go to my bank for a personal loan for home improvement after this or will it be refused straightaway.

Anyone done this earlier or anyone who knows about this, I would be glad if you could assist on this please.

Bretts

R_P_W

You think anyone can answer based on the info you have provided?

How much do you earn? Any other debt? Mortgage amount?

_Andy_

No one can give you a definitive answer other than the lender.

They might approve it, they might decline it.

No point speculating.

ValHaller

bretts wrote: »

....
I am about to complete on my house day after tomorrow, can I go to my bank for a personal loan for home improvement after this or will it be refused straightaway.

Of course you can go to your bank and ask, there is nothing to stop you.

But if you don't want to risk a refusal, don't ask.

kingstreet

Personal loan from the same lender with whom you have your mortgage, or a different one?

bretts

I bank with lloyds and my mortgage is with nationwide. I have borrowed 4.5 times my salary on mortgage but I keep getting asked by lloyds to take a personal loan, which till date I did not take but I know things change after mortgage and they might be reluctant in giving any more loans but my mortgage repayment is about 35% of my net income and hence can easily pay back more. I am not looking for a huge amount, about 5 to max 7k, I could put that on my Credit Card and pay minimum payment and clear it as quickly as I can but still not sure about my chance of getting it, last resort will be to put a few things on my CC and buy few things from places which offer interest free things like furniture and all. Just looking at my chances

No other debt apart from the mortgage.

My credit score as per experian as of today is 910. ( might not mean anything to be honest but want to let you know as much as I can)

Thanks a lot
Bretts

_Andy_

Brett, no one can say what your chances are - with lending there's many variables at stake.
Speculation on here isn't going to benefit you at all - if you want to apply and find out, that's the only way.

pjread

I popped in to Lloyds about 3 days after completing my purchase to change my address, and they were all but hurling a 20k loan at me and almost looked upset when I said "no thanks".

So - I suspect the new mortgage makes little difference. Probably banks have worked out that before people have a mortgage they're usually paying just as much in rent (and renting if anything is less stable)

marathonic

I took out a mortgage last December and, this week, was approved for a '0% on purchases' credit card with a 3k limit.

I've bought some used furniture but am going to use this for the more difficult to find stuff that I want. I've plenty of time to pay it off before interest becomes a problem.

bretts

pjread wrote: »

I popped in to Lloyds about 3 days after completing my purchase to change my address, and they were all but hurling a 20k loan at me and almost looked upset when I said "no thanks".

So - I suspect the new mortgage makes little difference. Probably banks have worked out that before people have a mortgage they're usually paying just as much in rent (and renting if anything is less stable)

What you are saying really does make sense as my rent is almost 200 pounds more than my mortgage but I am only looking for a small amount and even if they refuse I will just put it on my CC for sometime and then just pay it off as much as I can every month as I do have a good credit limit, I will still pop in my branch on monday to see if they do offer me 5 to 7k else, out comes the credit card. I have never had anything outstanding on my CC as it goes full payment every month whatever the amount but this time its a little different.
Does this make any difference on my credit history (Outstanding balance for a few months.)

I checked my credit report and I have 2 negative factors on it one being that I have never completed on a loan that I took out and paid it in full just coz I dint need it so it may be good if I took out a loan and paid it.

pjread

If it's stuff you can buy on a credit card and you're not after a lot, might be worth trying for a 0% purchase card instead of a loan?