Getting a loan with a new job

Maddie

Hello,

I have just started a new job as a civil servant after having taken mat leave then a year as a student.

How long should I wait before getting a loan to pay for a house extension? I have a very good credit rating but obviously just having started my job isn't going be good on applications.

Cheers

bigeddie747

Realistically nobody could *truly* say because everybody's circumstances are different and lenders have different criteria.

However you should be able to show a steady stream of income following into your bank account, lenders obviously like stability so I would say anything from six months to a year before attempting to apply

Hope this helps

Becka38940

I got a loan with Sainsbury's after being with my employer for 1 month.

Simulacraton

Becka38940 wrote: »

I got a loan with Sainsbury's after being with my employer for 1 month.

Was this even after a length of unemployment?

Becka38940

Simulacraton wrote: »

Was this even after a length of unemployment?

No it was just after leaving university.

DCFC79

Your credit rating isn't seen by the lenders.

jayjay21

How desperate is the work? Why don't you approach your bank, they can usually tell you if your application would be accepted without running any credit search.

Maddie

Thanks all.

The work isn't that desperate in that we've been surviving for a few years but it would be nice to get stuck in soon!

Realistically though, it will take quite a while to get all the plans done etc before starting the work so I guess I can start the ball rolling soon.

We'll need to finance it through a combination of savings, personal loan and mortgage increase so I'm just trying to figure it all out.

Maddie

DCFC79 wrote: »

Your credit rating isn't seen by the lenders.

Sorry I meant a good credit history.

thebritishbloke

Do you own your home outright? You could try and apply for an unsecured personal loan, and if you don't get accepted you could always go for a secured loan on your home (or if you have a mortgage, extend your mortgage).

Maddie

thebritishbloke wrote: »

Do you own your home outright? You could try and apply for an unsecured personal loan, and if you don't get accepted you could always go for a secured loan on your home (or if you have a mortgage, extend your mortgage).

Thanks, tbh we are going to need to extend the mortgage and get a loan on top and use savings too