Personal Loan Post-Mortgage

Lilstu

Hello,

I currently have a mortgage offer and am awaiting exchange/completion on my new property. I have the funds ready for my deposit and once I have completed, my plan was to take out a personal loan to do the renovations I have planned.

I have been strongly advised not to request any borrowing until I have completed so not to risk the mortgage offer. My question is, looking at personal loan products, two stick out to me. One is with Sainsbury’s bank which will loan me 5K less (25K max) or the other is Virgin Money who my mortgage offer is with. 

Will Virgin money look more or less favourably on me if my mortgage is already with them? I’m worried about going with Virgin money, them declining me and then not being able to request a loan with Sainsbury’s bank resulting in not being able to do my renovation anytime soon.

Any thoughts/suggestions would be appreciated. 

[Deleted User]

It'll make no difference, as it's all about risk. Your chances will be slim either way, so soon after completion.

Apply for one, then try the other. If declined a second time, which likely given your circumstances, leave it a few months.