Applying for loan - how far after mortgage approval?

Tashybud

We had mortgage application approved on 6th March this year.
House needed a bit of work but it wasn't until we moved in end of April it became apparent that further urgent work was needed than we had budgeted for. Have had the work done and put it on credit card (which we paying off weekly) but looking at getting a loan to pay off this urgent work as it will be a better interest rate.
However, as we only recently had a mortgage application/approval, we want to avoid being turned down for a loan.
How long is the norm between applying for new finance?
thanks

Pixie5740

Has your mortgage application actually been approved and the funds released yet? If not then be aware that some lenders do a final credit check just before releasing funds so it's best to avoid using or taking any more credit until you've actually purchased the property.

Tashybud

yes they were-back in April. We have already paid 1st payment on mortgage

Tixy

Does the mortgage now show on your credit files and does it should just the first payment made so far?

Does your credit file reflect the new high credit card balances?

Are you on the electoral roll at the new property yet (and does this show on your credit files).

I'd definitely wait until the electoral roll information is correct but then I'd probably try an application. If you are turned down then perhaps wait and try a few months later.

Paully232000

I am not sure if it is treated exactly the same as a loan but we bought some furniture on finance (0% deferred for 12 months) about a month after we had moved and dont think we were on the electoral register yet although we had completed the council form. We were approved.

I guess it depends on more than just when you moved, if you will be approved, but a host of other things about your financial conduct over the years, outstanding loans, CC balances etc, although I am sure being on the ER does help.

Tashybud

Many thanks. We both have and always have had excellent credit rating and 2 previous loans were paid in full early. We are already on electoral roll.
Will see what happens and post back.

Pixie5740

Try one of the lenders that do a soft search, such as Nationwide, to try and gague what the outcome would be first. If it looks good then go ahead and apply for a loan.

ShysterMiester

What is the term of loan you require? Have you considered transfering your credit card bill to an 0% interest term offered by the likes of Barclaycard and others.

The key issue will be your ability to repay the loan over the period. if your mortgage repayments and any other borrowings represent a smaller percentage of your income than an average would consider to be fully extended, there is no reason to assume a refusal. Indeed a lender may see your actions as prudent financial management.

Good luck.