Personal loan after mortgage

buswoman14

Hi all

So I've just purchased a house for 73k with a 15% deposit.

The house was cheap, but cheap for a reason as it needs lots spending on it!

My credit file says good but because of my outgoings I dont score too high on the affordability scale (Im a teacher on 27k a year). This is why I could only get an 85% mortgage.

My mortgage advisor has said I could apply for a personal loan once my sale has gone through, in order to pay for the work that needs doing.

What i'd like to know is how long should I wait before applying and what do you think my chances will be of being accepted?

dimbo61

Sorry my crystal ball is a bit cloudy today!
No idea how much you are looking to borrow, no idea about how much you spend every day/week/month.
Well done on putting down a 15% deposit and I hope you have taken a 3/5 year fix.
Have you got family and friends with skills to help complete the work?
Are you good at DIY and can you ask all your family and friends for tools for Xmas !!!!
Some jobs you can do and sometimes it is better to pay some one to sort the plumbing, central heating, electrics etc

buswoman14

Sorry I should've been more clear! I'd be looking for around 10k. I earn 1400 a month, 320 on mortgage, 170 loan and around 200 on credit cards (stupidly!)

I have a few contacts but its big things that desperately need doing like a new kitchen, dpc and electrics.

I got the mortgage fixed for 2 years.

ViolaLass

You sure you're on £27k? I earn less than you, also as a teacher, but I take home more than £1400 a month.

buswoman14

Sorry I meant around 1500!

buswoman14

With student loan deduction and pension that is.

GMS

I hope you don't teach anything number related.

Adding further debts to what you already have looks like a bad move. Could you not do it slowly?

hcb42

leave it for a year and save. You would have way too much debt going out for a £1400 salary...

Once you move in you can normally put up with these things, I wanted my kitchen doing straight away, but common sense prevailed, better to save and pay for it in cash.

buswoman14

Thankyou for your nice reply! Yes I'd rather do that and just save what I can...however there is no kitchen!!! But ill sort something I'm sure!

Thrugelmir

No kitchen? Surprised that you obtained a mortgage.

buswoman14

Okay ill rephrase 'a few work tops and a sink'