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New house, home improvement loan and car finance
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Posts: 59 Forumite
Right, help please.
Buying a family property which is my grandmas name but in power of attorney in my mums name.
Mortgage offered by Santander last week and now waiting for searches and contract to be sent from my mums solicitor.
Meanwhile I need to get a home improvement loan to sort the house out as it’s a bit of a state and want to crack on soon as so I can get the builders in and be in by the end of August.
Also on going is a car which I’ve put a deposit down but the dealers are now mithering when I can go through with the finance as it’s been on hold for 3 weeks awaiting house things.
Is it wise for me to apply for the home improvement loan and car finance before contracts are exchanged? House valued at £90,000 I’ve got it for £75,000. Credit checks done and no conditions on the mortgage imposed by Santander.
Buying a family property which is my grandmas name but in power of attorney in my mums name.
Mortgage offered by Santander last week and now waiting for searches and contract to be sent from my mums solicitor.
Meanwhile I need to get a home improvement loan to sort the house out as it’s a bit of a state and want to crack on soon as so I can get the builders in and be in by the end of August.
Also on going is a car which I’ve put a deposit down but the dealers are now mithering when I can go through with the finance as it’s been on hold for 3 weeks awaiting house things.
Is it wise for me to apply for the home improvement loan and car finance before contracts are exchanged? House valued at £90,000 I’ve got it for £75,000. Credit checks done and no conditions on the mortgage imposed by Santander.
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Comments
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Santander is aware of and has included the car and the loan in mortgage affordability?Right, help please.
Buying a family property which is my grandmas but in power of attorney in my mums name.
Mortgage offered by Santander last week and now waiting for searches and contract to be sent from my mums solicitor.
Meanwhile I need to get a home improvement loan to sort the house out as it’s a bit of a state and want to crack on soon as so I can get the builders in and be in by the end of August.
Also on going is a car which I’ve put a deposit down but the dealers are now mithering when I can go through with the finance as it’s been on hold for 3 weeks awaiting house things.
Is it wise for me to apply for the home improvement loan and car finance before contracts are exchanged? House valued at £90,000 I’ve got it for £75,000. Credit checks done and no conditions on the mortgage imposed by Santander.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
They were aware of my current loan, which since the mortgage being offered I have paid off and closed along with a very small catalogue 0% thing.
Not aware of new loan but survey came back saying it needs work doing to it. Not aware of new car.0 -
In which case, standard advice is not to apply for any new credit until after completion takes place.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Out of curiosity, with such low LTV, why don't you just get higher mortgage and use your current cash pile for home improvement? I can't imagine home improvement loan rate being anywhere nearly as low as the mortgage rate.
Do you need the new car now? Can't you just wait for after exchange and preferably completion?0 -
Its a second residential mortgage. 1st property will be consent to let for the first year.
Will need about £30k of which £5k of that will be the initial deposit for the car0
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