We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Remortgage and Loan

rob98078
rob98078 Posts: 8 Forumite
in Credit file & ratings
Hi

I am trying to raise some funds for a house extension. My mortgage is up for renewel, If I remortgage and then apply for a £25k personal loan within a short space of time, might I get rejected as I have just applied for a mortgage? I.e. effects my credit score?

Thanks

Comments

  • rob98078
    rob98078 Posts: 8 Forumite
    Also is it possible to get 2 x £25k loans from 2 different vendors which arent secured against my house specifically or would you need a super salary and amazing credit rating. My problem is I dont want to risk only getting 1 loan (half of what I need) and then being refused the other
  • zuluwarrior31
    zuluwarrior31 Posts: 16 Forumite
    You may be restricted by your Debt to Income (DTI) ration depending on the repayment structure you are offered. When a friend of mine went for his mortgage he was advised other credit you have active does restrict your affordability. I would say that is your biggest block.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.2K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.2K Work, Benefits & Business
  • 603.9K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture