Loan after mortgage

COYI123

Sncjw said:

Why not just buy it outright if you can afford it. I too think it's madness considering you just bought a house I bet they would rather you put the money towards the house. 

Wait a few years when you have settled. 

Regardless of what Im buying or why I’m buying it and if I can afford it or not , I just want to know if I would get accepted ! I would rather spread the cost than part with a lump sum of money , that’s what I’ve always done with everything , I always take credit if it’s interest free , it makes more sense of how I like to manage my funds , I literally just want to know if it’s okay to apply for something after completing just a week ago nearly 

MalMonroe

Have you actually applied for finance via Goldsmiths?  You said "when I go on ClearScore and go on my offers for loans, I’m already pre approved 100% for a loan up to £15000 , so I cousin [couldn't?] see why v12 wouldn’t lend that to me ?"

Unfortunately, being pre-approved 100% on Clearscore doesn't necessarily mean that you will be approved for finance by Goldsmiths.

It sounds like you're on a bit of a high after buying your house. It may be a good idea to just get used to your new home first, then think about taking out credit. You could be declined, there's no guarantee with any lender. Especially not now, things seem to be more difficult because of coronavirus. Or maybe coronavirus is being blamed. . . whatever, it's just not as easy as it used to be.

I think most people on this forum (me included) who has been in great financial difficulty would advise caution. Taking out credit is not something to aspire to. If you do have the money to pay for something, then that's the way to go. I'm not a great fan of acquiring material goods in order to impress others, so I'd never want to pay that much for anything - particularly a watch - which just ticks down the time we have left on earth. But that's just me. And, as ever, my own opinion. 

COYI123

MalMonroe said:

Have you actually applied for finance via Goldsmiths?  You said "when I go on ClearScore and go on my offers for loans, I’m already pre approved 100% for a loan up to £15000 , so I cousin [couldn't?] see why v12 wouldn’t lend that to me ?"

Unfortunately, being pre-approved 100% on Clearscore doesn't necessarily mean that you will be approved for finance by Goldsmiths.

It sounds like you're on a bit of a high after buying your house. It may be a good idea to just get used to your new home first, then think about taking out credit. You could be declined, there's no guarantee with any lender. Especially not now, things seem to be more difficult because of coronavirus. Or maybe coronavirus is being blamed. . . whatever, it's just not as easy as it used to be.

I think most people on this forum (me included) who has been in great financial difficulty would advise caution. Taking out credit is not something to aspire to. If you do have the money to pay for something, then that's the way to go. I'm not a great fan of acquiring material goods in order to impress others, so I'd never want to pay that much for anything - particularly a watch - which just ticks down the time we have left on earth. But that's just me. And, as ever, my own opinion. 

Yes it is via goldsmiths , and fair enough but I just thought that at the end of the day it’s a loan as well so maybe that’s a good indicator that I could have the higher end of the stick of getting accepted instead of the lower end of the stick of getting declined , and like you said that’s your opinion and I respect that you are not in to things like that as such , literally all I wanted to know is when the best time is to apply after completing , I’m not being up myself in the slightest when I say this , but most people that get their first home most of the time don’t have a major amount of disposable income left , but even after taking out this finance I’d still have a minimum of £1000 a month left over , that’s the bare minimum , maybe even £1500-1700 if I smash out my work , and that’s also without my partners disposable income which is also around the same , so I’m in a good position to financially pay it , all I wanted to know was literally if it’s okay and is it likely to get accepted that’s all , nothing else to do with it I could afford it lol , but thank you for your help appreciate it ! 

MallyGirl

you may struggle in the next few months due to the change of address. It takes months for that change to filter through to all the relevant agencies especially the electoral role. Until your address is consistent across your credit record you will be less appealing to lenders.

COYI123

MallyGirl said:

you may struggle in the next few months due to the change of address. It takes months for that change to filter through to all the relevant agencies especially the electoral role. Until your address is consistent across your credit record you will be less appealing to lenders.

Do you roughly know how long it is ? 2 or 3 months ? 

DCFC79

COYI123 said:

MallyGirl said:

you may struggle in the next few months due to the change of address. It takes months for that change to filter through to all the relevant agencies especially the electoral role. Until your address is consistent across your credit record you will be less appealing to lenders.

Do you roughly know how long it is ? 2 or 3 months ? 

Apply now, if you get rejected then wait for 3 months.

I still think its lunacy to spend £15k on a watch as a gift but that's my view and I wont say anymore.

COYI123

DCFC79 said:

COYI123 said:

MallyGirl said:

you may struggle in the next few months due to the change of address. It takes months for that change to filter through to all the relevant agencies especially the electoral role. Until your address is consistent across your credit record you will be less appealing to lenders.

Do you roughly know how long it is ? 2 or 3 months ? 

Apply now, if you get rejected then wait for 3 months.

I still think its lunacy to spend £15k on a watch as a gift but that's my view and I wont say anymore.

I can’t apply now though because when I apply with my new address wouldn’t it decline me due to the fact that my address hasn’t updated on the electoral roll yet ? And it’s not £15k it’s £5.5k , I was just stating that companies were pre approving me for loans up to £15000 lol I wish I had £15k to get one 

MallyGirl

COYI123 said:

MallyGirl said:

you may struggle in the next few months due to the change of address. It takes months for that change to filter through to all the relevant agencies especially the electoral roll. Until your address is consistent across your credit record you will be less appealing to lenders.

Do you roughly know how long it is ? 2 or 3 months ? 

The electoral roll can take 6 months. It seems to be done in batches. Other institutions send updates adhoc but some are sent in days and others are once a month.

COYI123

MallyGirl said:

COYI123 said:

MallyGirl said:

you may struggle in the next few months due to the change of address. It takes months for that change to filter through to all the relevant agencies especially the electoral roll. Until your address is consistent across your credit record you will be less appealing to lenders.

Do you roughly know how long it is ? 2 or 3 months ? 

The electoral roll can take 6 months. It seems to be done in batches. Other institutions send updates adhoc but some are sent in days and others are once a month.

Doesn’t matter now , just applied for it and got accepted within half hour , cheers for your help though 

TripleH

The key point here is to make sure your address is up-to-date. A change of address is most likely viewed as a blanket change in circumstances. We are onto our 4th address in the last 25 months, so we are likely to be assumed a higher risk than some because we might vanish in the night than others who have proportionately higher borrowing than us.