In general, is it possible to have two personal loans from different lenders at same time?

[Deleted User]

Has anyone achieved this? Is the amounts in question a factor, or more the number of active loan facilities you have?

cymruchris

You can have as many personal loans with as many different providers as you like - but all subject to your credit history. If for example you apply for several loans in quick succession, you're likely to get some, if not all declined, but it depends on many, many factors.

Dobbibill

Yes it's possible to have 2 or more loans running with one or more lenders at any given time.

As this is a money saving site - is there a better/different way to fund the purpose of these loans? If you tell us more, we may have alternative suggestions that can help too.

[Deleted User]

cymruchris said:

You can have as many personal loans with as many different providers as you like - but all subject to your credit history. If for example you apply for several loans in quick succession, you're likely to get some, if not all declined, but it depends on many, many factors.

How many applications do you think I can get away with in a short space of time without causing myself a serious problem? As in hard checks

TIA

[Deleted User]

Dobbibill said:

Yes it's possible to have 2 or more loans running with one or more lenders at any given time.

As this is a money saving site - is there a better/different way to fund the purpose of these loans? If you tell us more, we may have alternative suggestions that can help too.

I have an 80,000 pound mortgage that needs to be paid, interest-only one.

I have some cash laying around but need to top it off with a personal loan, or two. I make 68K a year in income.

I have never missed a credit payment. Currently have one car loan at 13K outstanding, and credit card at 3k.

[Deleted User]

You're going to struggle to get more debt, given your circumstances and the current lending climate.  You certainly won't get 80k unsecured, either from a single lender or multiple.

Use an eligibility checker and see what options you're offered.

[Deleted User]

Deleted_User said:

You're going to struggle to get more debt, given your circumstances and the current lending climate.  You certainly won't get 80k unsecured, either from a single lender or multiple.

Use an eligibility checker and see what options you're offered.

The 80k mortgage doesn't show on any of my credit files because it is inherited from my deceased father.

Did a probate thing to get access to the account. So technically not showing under my file.

I don't need the whole 80k, I need half of that. Two loans should cover that.

macman

You can't 'inherit' a mortgage. The mortgage would have become due for repayment upon his demise, normally by the sale of the property or liquidation of the estate. 
If you are the executor and you now have probate, it's your responsibility to discharge the mortgage on behalf of the estate from the assets of the estate. Only once that is done can you distribute any remaining assets to the beneficiaries, including yourself.

[Deleted User]

macman said:

You can't 'inherit' a mortgage. The mortgage would have become due for repayment upon his demise, normally by the sale of the property or liquidation of the estate. 
If you are the executor and you now have probate, it's your responsibility to discharge the mortgage on behalf of the estate from the assets of the estate. Only once that is done can you distribute any remaining assets to the beneficiaries, including yourself.

Yes thank you I know that, in my case I either sell my family home or pay the mortgage.
I intend to keep my family home.

BrassicWoman

I am very confused about why a simple mortgage in your own name is not possible. Seems easiest?

cymruchris

Adams18 said:

cymruchris said:

You can have as many personal loans with as many different providers as you like - but all subject to your credit history. If for example you apply for several loans in quick succession, you're likely to get some, if not all declined, but it depends on many, many factors.

How many applications do you think I can get away with in a short space of time without causing myself a serious problem? As in hard checks

TIA

One would be ok - two at a push - but bear in mind that if the second one picks up the fact that you've just applied for a loan elsewhere - it may set off an auto-decline as the applications are so close together. You can try various eligibility checkers to see how you get on - but if this is for a property purchase - a small mortgage might be the better option?