Loan after mortgage

jay459

Those are the loan reasons sainsburys have in their application. That's not what I am asking.

I'm asking what's the best reason for loan to state on my application.

Home improvement is the real reason but saying living with parents on my application is making it look all a bit strange

andyfromotley

Jay,

Blimey mate you are making really hard work of this.

The best reason to put down on your application is the truth. no ifs, buts or maybes.Just the truth. Your situation isnt unique and im sure that they will have encountered it before.

No one on this forum is likely to advise that you lie on your loan application.

somethingcorporate

Anything but the truth would be a lie i.e. fraud.

Does that answer your question as to what you should put down?

jay459

This isn't happy days mate. Some things need to be done to get what you need. You think i was entirely honest throughout my whole mortgage application, of course not. You don't think people lie on their cv....

This is the real world and some things need to be done

Brock_and_Roll

Hmm not the brightest poster we have seen - has posted a reference number in an earlier post, then hints at possible mortgage fraud!

andyfromotley

jay459 wrote: »

This isn't happy days mate. Some things need to be done to get what you need. You think i was entirely honest throughout my whole mortgage application, of course not. You don't think people lie on their cv....

This is the real world and some things need to be done

Crack on then, you seem to have it all figured out.

HappyMJ

engineer_amy wrote: »

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.

It is not a requirement to be on the electoral roll to get credit. I am not on the electoral roll and have a Sainsburys loan.

ASutton

I have no loans myself so I'm not too sure how Sainsbury's would assess the application, but surely affordability would be the most important factor for the loan company to consider, not the reason for the loan.


As long as you can prove you have means in which to repay the loan, then I would guess that the reason for the loan would be irrelevant.