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Applying for a loan and a mortgage
Hi,
My partner and I are currently in the process of buying a new build property. The house will be released for sale in December 2019/January 2020 at which time we will need to apply for a mortgage and pay our deposit. The house will then be completed in September 2020 which is when we will fully exchange.
We can save around £5000 in this time for things for our house however we also think we will need to get some of the bigger items (Sofa/Appliances/Bed etc) on finance.
I had the idea of rather than paying 4/5 separate companies different amounts each month over varying number of months that maybe we could get a loan to pay for these items e.g £4000 over 3 years therefore knowing what our monthly payments are going to be and how long for.
Does anybody know or have experience with applying for a loan while also being in the mortgage process? is it a definite no or can it work?
Thanks in advance!
My partner and I are currently in the process of buying a new build property. The house will be released for sale in December 2019/January 2020 at which time we will need to apply for a mortgage and pay our deposit. The house will then be completed in September 2020 which is when we will fully exchange.
We can save around £5000 in this time for things for our house however we also think we will need to get some of the bigger items (Sofa/Appliances/Bed etc) on finance.
I had the idea of rather than paying 4/5 separate companies different amounts each month over varying number of months that maybe we could get a loan to pay for these items e.g £4000 over 3 years therefore knowing what our monthly payments are going to be and how long for.
Does anybody know or have experience with applying for a loan while also being in the mortgage process? is it a definite no or can it work?
Thanks in advance!
0
Comments
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Don't apply for credit until you've completed on the mortgage.
Buy or freecycle what you need once you're in.0 -
Surely I'm not the only one thinking you're leaving it a bit late to apply for a mortgage if the property could be released in December?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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Dont apply for credit until your complete. If you have a credit card then use that, when your moved in.0
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Do not apply for credit under any circumstances whilst applying for a mortgage !!!I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
CONSUMER DEBT FREE !!!
SOA Link: https://www.lemonfool.co.uk/financecalculators/soa.php0 -
The other option I have is doing a money transfer of £3500 in the next couple of weeks before we begin the application process so we then can keep that money to one side until we need it for our large items. Again, is this risky and would a lender question why we've just done this so soon to taking out a mortgage?0
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That's an equally bad idea. It's still credit.
Get the mortgage, move in, then you can buy as many large items as you want.
Instead of repaying a loan over the next year, put that money into savings instead.0
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