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Secured Loan after Mortgage
whittakerm
Posts: 15 Forumite
in Loans
Hi everyone☺️
I wonder if someone could help me please... is there a general length of time as to how long you need to wait before applying for a secured loan after a mortgage offer/completion? For an example; due to complete on a house on 1st October. Application for secured loan on 5th October? Is this possible or is there like x months wait as a general rule of thumb before lenders will consider you?
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If you know you will need a secured loan, it would be simpler and easier to just borrow more for the mortgage.0
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I’m a first time buyer using help to buy on a new build.Deleted_User said:If you know you will need a secured loan, it would be simpler and easier to just borrow more for the mortgage.0 -
What do you need a secured loan for?
Having H2B equity loan will probably prevent you from having additional loans secured on the property.
Also, to have secured loans you need equity in the property, 5% will not be enough.Mortgage started 2020, aiming to clear 31/12/2029.0 -
How much equity will you have in the property?
The property will lose value once you move in - will there be enough left to sustain a second charge?
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We’d like to renovate the garden, pay for our wedding and also do a bit of debt consolidation if possible!
Ah right okay, is there a standard amount of equity needed?MovingForwards said:Having H2B equity loan will probably prevent you from having additional loans secured on the property.
Also, to have secured loans you need equity in the property, 5% will not be enough.
Thanks!0 -
I guess 5%? Sorry I’m not too clued up on the equity side of things! Is that just how much we’d have paid directly to the value of the house?Deleted_User said:How much equity will you have in the property?
The property will lose value once you move in - will there be enough left to sustain a second charge?0 -
That won't be anything like enough. It could take years before you have sufficient equity.
You'll need to start saving. Borrowing for a wedding is a bad idea at the best of times, but when you have existing debt and a 95% mortgage, it's mental.
Visit the DFW boards for advice on cutting costs and repaying the debt. Then you can start saving for either the garden or the wedding.0 -
Our mortgage is 75% as we’re using the help to buy equity loan.Deleted_User said:That won't be anything like enough. It could take years before you have sufficient equity.
You'll need to start saving. Borrowing for a wedding is a bad idea at the best of times, but when you have existing debt and a 95% mortgage, it's mental.0 -
It still adds up to 95% if you only have 5% equity.0
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Ah right, okay! Understood, thanks ☺️0
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