Loan after mortgage

jay459

I haven't said I'm applying for loan right now but will be very soon as thats what I said in previous post.

Im just wondering how i should approach the loan as such an early stage of being a homeowner. Would i be best putting down living with parents...

Whats best purpose to give for loan...?

Lungboy

But you won't be living with parents, because you'll have waited until completing on your house and will have moved in.

jay459

I won't have moved in. I will not be moving in until I have the floors down. And being such an early stage I do not know if my loan lender will be able to confirm i am a homeowner. Or if it looks bad by saying living with parents in my mid 20s.

jay459

Reasons for loan are car/holiday/debt consolidation/home improvement or other...

Obviously holiday and debt consolidation are going to be the hardest to swing but is home improvemement going to be an easy one.

Applying for the loan so quickly after completion my address and all my ties will still be at my parents house so if i say home owner surely they will think I'm just lying...

engineer_amy

I don't know the lender's criteria, but most require you to be on the electoral roll. If you have just bought, and informed the council to get on to the electoral roll, it can take anywhere up to 3 months for this to be reported to, and recorded by the CRAs. So if you are set on applying for the loan at mortgage completion, you would use your parents address on the application - if you are on the electoral roll there.


It is also common advice to not apply for multiple lines of credit within a short period of time. Applying for a loan at the same time as a large commitment such as a mortgage *could* be a rejection from Sainsburys.


The mortgage completion date could be a few months away. Is it possible that you can gather together more savings now, enough to pay to get the essentials like the floors done before moving in, then apply for the loan a few months down the line, for any non essential decorating? it would probably mean a better chance of acceptance, as you would presumably be on the electoral roll at the new address, and have spread out credit applications.

[Deleted User]

jay459 wrote: »

Whats best purpose to give for loan...?

Is the truth an option?

jay459

Home improvement is the truth but if its bad reason like a holiday then the truth is not an option...

I will have the keys in 3 weeks max..

jay459

So is living with parents and reason for loan being home improvement not going to look suspicious. What son puts £££s into their parents home..?

[Deleted User]

A nice one?

chesky

Car/holiday/debt consolidation... And you've been living with your parents.
Blimey, you're really going for it aren't you?