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loan and mortgage applications at same time
the_salmon
Posts: 84 Forumite
in Loans
Wondering if you guys could help?
My mortgage fixed deal ends on 1st April 2018, I went with L+C last time and after speaking to them they have advised to book in a call for around 1st January to look at remortgage deals. We will likely be borrowing £175k against a £200k value house and reducing the number of years from our current deal but maintaining our current monthly payments.
However, in May I get married, we are financing it ourselves and will be looking to get a bank loan of about £12k to cover the cost.
My credit rating is 999 on the credit club, we have no defaults and good credit history, on electoral roll etc.
The mortgage has to be the priority as thats the bigger amount, but the loan needs to be taken out at some point before May to ensure we can pay for whatever it is that we need to pay for. Our mortgage payments are likely to be very similar and we are putting away some savings now equal to our expected monthly loan amounts so don't have any worries on affordability.
How long would you leave it after securing the mortgage to apply for the loan?
Secondly at the moment HSBC have a great rate on mortgages and loans and they are who I bank with, do you think I would stand more chance of a conversation with them about what we are looking to do and them being more understanding or do you think it will remain quite clinical in terms of their approach?
Thanks in advance
My mortgage fixed deal ends on 1st April 2018, I went with L+C last time and after speaking to them they have advised to book in a call for around 1st January to look at remortgage deals. We will likely be borrowing £175k against a £200k value house and reducing the number of years from our current deal but maintaining our current monthly payments.
However, in May I get married, we are financing it ourselves and will be looking to get a bank loan of about £12k to cover the cost.
My credit rating is 999 on the credit club, we have no defaults and good credit history, on electoral roll etc.
The mortgage has to be the priority as thats the bigger amount, but the loan needs to be taken out at some point before May to ensure we can pay for whatever it is that we need to pay for. Our mortgage payments are likely to be very similar and we are putting away some savings now equal to our expected monthly loan amounts so don't have any worries on affordability.
How long would you leave it after securing the mortgage to apply for the loan?
Secondly at the moment HSBC have a great rate on mortgages and loans and they are who I bank with, do you think I would stand more chance of a conversation with them about what we are looking to do and them being more understanding or do you think it will remain quite clinical in terms of their approach?
Thanks in advance
0
Comments
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The most sensible advice would be to reduce the wedding costs as it's likely to be a non essential purchase.
Failing that, you'll have to apply when you need it, but not before completing the remortgage.
Though with such little equity and presumably little in the way of savings, I think you will struggle.0 -
A credit rating of "999",means nothing only you see it. Borrowing 12 k for a wedding its utter madness. even more so at the time of re-mortgaging especially with a 12.5% LTV0
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the_salmon wrote: »
However, in May I get married, we are financing it ourselves and will be looking to get a bank loan of about £12k to cover the cost.
Thanks in advance
You are not financing it yourselves, you are borrowing to finance one day of your life.
Borrowing £12k for a wedding is utter madness and in your situation financial suicide.Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0 -
Can you not do the wedding on a budget ?
Theres no need to spend 12k on a wedding.0
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