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Just completed on a new Mortgage, but now need a loan!
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Hi,Bit of waffle first, sorry lol
Just sold our house and bought a bigger property to move up the ladder.
The new house needs ALOT of work, so we kept back £20K of the £110K equity from our old house and put the rest into the new mortgage.
In reality, we should have kept back more, but wanted to get as small a mortgage as possible, so thought we'd get loan out instead to cover the extra work. (full rewire, complete new central heating system, plastering etc all done, but just need double glazing now)
But what we didn't take into consideration, was that all the credit files and most importantly the electrol roll need to update before we can take out a loan! (haven't tried yet)
We completed on 17th August, how much time should it take do you think for things to update so we can apply?
Need a £9K loan for double glazing.
Cheers
Just sold our house and bought a bigger property to move up the ladder.
The new house needs ALOT of work, so we kept back £20K of the £110K equity from our old house and put the rest into the new mortgage.
In reality, we should have kept back more, but wanted to get as small a mortgage as possible, so thought we'd get loan out instead to cover the extra work. (full rewire, complete new central heating system, plastering etc all done, but just need double glazing now)
But what we didn't take into consideration, was that all the credit files and most importantly the electrol roll need to update before we can take out a loan! (haven't tried yet)
We completed on 17th August, how much time should it take do you think for things to update so we can apply?
Need a £9K loan for double glazing.
Cheers
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Comments
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CRAs take at least a month to update, particularly with electoral roll as council won't do it that fast.
Maybe worth speaking to your own bank first at least they see your incoming money and can perhaps do you the loan, rather than just applying and getting rejected due to the changes.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Probably 3-6 months to have a reasonable chance of acceptance.
The ER may not update until the New Year, depending on when your council reports. It's sometime possible to have it done manually, so find out.0 -
Save up, credit card or does the contractor or window supplier offer credit?0
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