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I need a large loan for the first time....
freeisgood
Posts: 554 Forumite
....I have heard that applying for a loan can affect your credit score so I would love some advice.
OH owns the house we are living in fully owned outright, we started work for a refurb a month ago before applying for a remortgage of 50k (part cost of refurb), BIG BIG mistake, the mortgage man came to see the property and because the bathroom and kitchen have now been removed , he classed it as uninhabitable. And since my OH bought the house 25 yrs ago a school has been built next door, mortgage man says may affect resale so says NO!
It doesn't look good.
Do you think we are able to borrow that sort of money easily?
Thanks and sorry for the long ramble!
OH owns the house we are living in fully owned outright, we started work for a refurb a month ago before applying for a remortgage of 50k (part cost of refurb), BIG BIG mistake, the mortgage man came to see the property and because the bathroom and kitchen have now been removed , he classed it as uninhabitable. And since my OH bought the house 25 yrs ago a school has been built next door, mortgage man says may affect resale so says NO!
It doesn't look good.
Do you think we are able to borrow that sort of money easily?Thanks and sorry for the long ramble!
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Comments
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Usually they work on 50% salary max as a loan so I doubt it will happen.
Maybe post on Mortgages board to see if any of the brokers can offer a solution...0 -
Thanks will do
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I would take out an interest only bridging loan for a month, use those funds to complete the kitchen and bathroom then remortgage the bridging loan with my bank.0
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