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Help needed for loan application
Firstly, forgive me for asking this question again but circumstances have changed slightly.
Our mortgage deal was due to finish at the end of next month. We preempted this happening and to cut a long story short, we took out a new mortgage with another BS. The new mortgage has just gone through and is up and running with the old BS paid off.
The plan now is to borrow some money over 3 years for home improvements. My credit rating is excellent and affordability is not a problem however, I feel I have made an error. While the mortgage was going through, I applied for a loan through Santander and although it was accepted, it was 3 times the advertised rate. The only thing I can think of is that when the check was done, it may have shown that we had an existing sizable mortgage and were in the process of applying for another one. I don't suppose the system would know that the new mortgage would be paying off the old one. I have done an eligibility check here on MSE and it came back with a 95% chance of success but of course it cannot say what the rate would be.
I am now worried that if I apply, there will be another footprint on my record and I again won't get the chance to explain the circumstances.
Any ideas??
Our mortgage deal was due to finish at the end of next month. We preempted this happening and to cut a long story short, we took out a new mortgage with another BS. The new mortgage has just gone through and is up and running with the old BS paid off.
The plan now is to borrow some money over 3 years for home improvements. My credit rating is excellent and affordability is not a problem however, I feel I have made an error. While the mortgage was going through, I applied for a loan through Santander and although it was accepted, it was 3 times the advertised rate. The only thing I can think of is that when the check was done, it may have shown that we had an existing sizable mortgage and were in the process of applying for another one. I don't suppose the system would know that the new mortgage would be paying off the old one. I have done an eligibility check here on MSE and it came back with a 95% chance of success but of course it cannot say what the rate would be.
I am now worried that if I apply, there will be another footprint on my record and I again won't get the chance to explain the circumstances.
Any ideas??
0
Comments
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They will look at your existing borrowing and credit file and make a decision on that, as well as the rest of your application.
There's nothing more you can do apart from apply. You may well not meet their criteria for other reasons.0
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