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Changing loan + impact on mortgage application
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DaFoot
Posts: 6 Forumite
The usual advice is not to take out a new (unsecured) loan before applying for a mortgage.
I'd be looking to apply for a mortgage in 6-12 months.
So the question is, given I have a loan with 2-3 years left at 7%, I could potentially save by moving it into a new loan with another provider at 3% for its remaining years.
Would this impact my mortgage application as new credit (and search on file) or, given the loan would be for the same amount / payments, would it only be considered in affordability calculations (as my current loan would be)?
I'd be looking to apply for a mortgage in 6-12 months.
So the question is, given I have a loan with 2-3 years left at 7%, I could potentially save by moving it into a new loan with another provider at 3% for its remaining years.
Would this impact my mortgage application as new credit (and search on file) or, given the loan would be for the same amount / payments, would it only be considered in affordability calculations (as my current loan would be)?
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