Time to apply for a personal loan after mortgage completion

abmnerang

Hi,

I have mortgage approved and completion would be in few days time. I would like to apply for home improvements , do those improvements before moving in. When can I apply the personal loan at this stage?


Please could somebody who know about this or had similar situation, advise.

Thanks

[Deleted User]

Once you have completed, not before.

bengalknights

Wait for after the mortgage is live and completed

abmnerang

thank you for the response, once process is completed (i.e., received keys), as I don't move into the property, still in rented accommodation, shall I apply for a loan? If I do, and if I were asked a question like this " do you currently own a home or live in rented accommodation?", what is the correct answer (Yes for the both the options)? please advise.

[Deleted User]

Homeowner.

abmnerang

Thank you for the response, so, "Home Owner, not moved into mortgage property, staying at rented accommodation with rented accommodation's address as I can't change every address and my address holders like DVLA, electoral , utility providers, don't get updated on the same day of mortgage completion. Please could you confirm that this is the best way to produce my details, thank you again.

foxy-stoat

You can apply for the new loan after your mortgage has completed.

You will have a better chance of been accepted for the loan once you have updated all your change of addresses and are on the electrol roll for the new property.

If you tick Homeowner living in rented your monthly expenses will be more than if you were living in your owned home as you wont be paying rent and mortgage.

Your better off getting a credit card and using that to do home improvements for the things that cant be done once your moved in. Do the other stuff after your in.

What are you thinking about doing?

abmnerang

Im thinking of applying for a personal loan after completion of mortgage when I receive keys by approaching the bank and explaining the situation about the addresses., but Im doubtful how would they consider by situation, will there be any issues, as I can't move before doing improvements so I can't change addresses.

Gaz83

abmnerang wrote: »

Im thinking of applying for a personal loan after completion of mortgage when I receive keys by approaching the bank and explaining the situation about the addresses., but Im doubtful how would they consider by situation, will there be any issues, as I can't move before doing improvements so I can't change addresses.

It probably won't help, to be honest.

No-one in your local bank will have the say on whether or not you are accepted for a loan or not. It'll be decided remotely by the bank's computers based on their preferred criteria.

abmnerang

Thanks for response and apologies about the signature, I haven't noticed it. Thank you.

foxy-stoat

abmnerang wrote: »

Im thinking of applying for a personal loan after completion of mortgage when I receive keys by approaching the bank and explaining the situation about the addresses., but Im doubtful how would they consider by situation, will there be any issues, as I can't move before doing improvements so I can't change addresses.

Let us know how you get on, but maybe you shouldn't of purchased a property that you cannot move into without significant funds to carry out the repairs.

Good luck with it all.