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

[Deleted User]

BrassicWoman said:

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

Long story short, not possible as it is tenants in common property which my mother owns most of, and the other to my deceased father. And lender requires mothers name on app, which she doesn't want to do. 

[Deleted User]

cymruchris said:

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?

I wanted a mortgage but my mother who owns most of the house (tenants in common) wants the property paid off, she wants to feel secure knowing she owns it and not another charge on the property.

I'll try to make two loan apps, and see what happens. Hopefully I get them, as I believe I can afford them.

Thanks for you advise, btw do you recommend I speak to someone on the phone or do it online? Or is it all the same? I figured speaking to someone might give me some more flexibility when answering questions not sure.

[Deleted User]

Adams18 said:

BrassicWoman said:

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

Long story short, not possible as it is tenants in common property which my mother owns most of, and the other to my deceased father. And lender requires mothers name on app, which she doesn't want to do. 

How many mortgage lenders did you try? Have you engaged a broker to see if there are any options available? 

I understand your mother doesn’t want another loan secured to the house but quite frankly she is equally as guilty about doing SFA about this interest only mortgage for years and it’s not fair of her to put undue pressure on you to sort out her and your father’s !!!!!! mismanagement of the mortgage. 

[Deleted User]

Lover_of_Lycra said:

Adams18 said:

BrassicWoman said:

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

Long story short, not possible as it is tenants in common property which my mother owns most of, and the other to my deceased father. And lender requires mothers name on app, which she doesn't want to do. 

How many mortgage lenders did you try? Have you engaged a broker to see if there are any options available? 

I understand your mother doesn’t want another loan secured to the house but quite frankly she is equally as guilty about doing SFA about this interest only mortgage for years and it’s not fair of her to put undue pressure on you to sort out her and your father’s !!!!!! mismanagement of the mortgage. 

I understand your point. I only tried one, the current lender I am with as they will know the case history of the home property, because there is a lot of history behind it.
To be honest, the way the equity is structured in the house is very unique, to the point that an experienced 20 year) mortgage adviser at the lender said she hadn't seen this type of tenants in common structure before as it is so uncommon now.
I wrote about it at length on this forum a while back under my initial threads.

So its just easier to get a loan and get this chapter of our lives done by paying off the mortgage. At least that way I can get my own mortgage down the line.

My mum did save up quite a lot, as much as she could really, I mean she was a single mother for a long time! . So she did her part for sure. Thanks your input

[Deleted User]

Rather than two personal loans, many of which aren't meant to be used for purchasing property according to the T&C, have you looked at getting a bridging loan instead with a view to getting another mortgage to pay off the bridging loan a few months down the line?  Might be an option worth exploring.

Actually, having read one of your previous threads bridging finance would be very expensive if this thing with your father's partner drags out.

cymruchris

Are there other members of the family that could assist in the short term? I'm not sure if you've mentioned a partner - but do they have a good credit history to share the burden? I imagine you'd be wanting to get these loans down to nothing at the earliest opportunity rather than going the full term?

enthusiasticsaver

I would not take out personal loans of that amount to buy property. The interest rate will be higher than a mortgage and repayment term shorter so the monthly repayments will be high. This will obviously impact on you applying for credit in the future if you wanted to buy another property for you unless you plan on living with your mother? Your parents have ignored the interest only mortgage presumably for many years with no plan to repay so it seems unfair for your mum to expect you to sort it out without her being involved in a way which will severely affect your own financial status. Are you married and if so is your partner ok about this? 

[Deleted User]

Can't you talk to your mother about why she's so desperate to keep that home yet won't put her name to any mortgage / loan and why there is an expectation on you to pay it? Does she need a house of that size? Could she downsize and pay off the mortgage rather than you being guilt tripped into running up huge debts ?