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Personal loan after mortgage completion


I’ve recently purchased my first house, and some unexpected additional costs have come up so I’ve been looking into getting a personal loan. I’m not yet living at the property (and won’t be for a little while yet, I’m still at home with parents), and the APR and interest rate on the loan I’m mid-way through applying for looks pretty good - so it has made me suspicious. Is there something I am missing out on here? 

The loan application is through the bank I’m with (but not for mortgage). I can afford the repayments each month, but I’m worried that I’m missing some big information, and worried how this may affect the interest rate later down the line (although it’s fixed for the duration). 

Any thoughts / experiences would be welcome! 


  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    The lender may offer actually you a loan at a higher rate of interest once it has all the information at hand. Or possibly even decline. 
  • Toots0293
    The lender may offer actually you a loan at a higher rate of interest once it has all the information at hand. Or possibly even decline. 
    This is my thing - I’ve literally just got to sign the agreement. That’s the final step. Because I bank with them and sorted through my internet banking, I haven’t really had to enter any other additional information.. it all just seems too straightforward to me. 
  • Edi81
    Edi81 Posts: 1,455 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    I applied for a personal loan from my bank and it was almost too easy. 
    Your main bank with your current account knows a lot about you, incomings and outgoings. 
    Just make sure you can afford the repayments.
  • Borders2017
    If you have already completed on your mortgage there is nothing stopping you from applying for the loan.
    You may however not be accepted or you may be offered a much higher rate.
    Is it absolutely vital that you get the loan? Is it for urgent essential work or just 'new things' for the house.
    You often find its more expensive to run a home once you are actually living there (gas prices, council tax increases etc) so ideally you do not want to take on more debt straight away if you can help it
    Could your parents lend you some money instead if its for urgent works?
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