Apply or Wait???

Paddymarc

Hi, I'm looking for some advice on when really would be the best time to Apply for an unsecured personal loan of between £20-£25,000.

I've recently just had a mortgage offer from Nationwide for a new build property which is due to complete around October time the offer is valid until November.
The property was £290,500 i placed 10% dep and used 20% via the H2B equity loan scheme.

My credit rating is excellent i have no bad history and have just recently been accepted for a CC from Barclays.
My gross earning's are £51k but with OT probably £75k pa

My question is the loan i need to get things done in the house (Home improvements) when would be the best time for me to apply.

My concern being if i wait till i move then its a new address which i will have just moved into and time on the electoral roll may play a factor.

Also if i apply before i move would that have any effect on the mortgage already offered to me?

All advice would be extremely appreciated.

Tixy

Don't apply for anything else new before you complete.

It is likely a new sizeable loan would impact on your mortgage offer. Its even possible that credit application searches would affect your mortgage offer, the mortgage lender will typically search your file just prior to completion.

Applying just after you move could make it a bit harder to get accepted. Ideally wait a few months after you have moved, or at least until your credit file shows you on the electoral roll at the new address and all your existing accounts are reporting at that address.

If its a new build house then hopefully you can hold off a few months on needing to spend on improvements.

tonyh66

you need a loan of £20-25K to do home improvements on a new build property? could you not have bought a house that needs nothing doing.

Paddymarc

It's more to with the landscaping of the garden's and dressing of the house rather building work.