Applying for a loan immediately after home purchase completion

Ncu01

Hi everyone.

Today is my completion day for my home purchase. I wanted to find out if I can immediately apply for a loan. I need a car and I have been waiting to complete the house purchase. If I was to apply for a loan day today or tomorrow would this affect my mortgage or my chances of getting a loan.

Thanks in advance!

[Deleted User]

Don't apply for any credit until you've completed.

Once you've completed you can do what you want, but you'll probably struggle in the short term to get further borrowing.

chanz4

dont do until after you complete, however high chance wont get the loan straight away as your new address wont show you on electroll etc

[Deleted User]

Not being on the ER straightaway won't impact it, current financial status and commitments will.

aoleks

have you re-directed your post? if so, apply at the old address and everything will be fine, but apply the day you complete. your credit score takes a bit of time to crash after the mortgage is added.

[Deleted User]

Once the mortgage appears, it doesn't matter if or when the credit score 'crashes'. The mortgage will be visible to lenders.

Applying at an incorrect address is also fraudulent.

aoleks

Deleted_User said:

Once the mortgage appears, it doesn't matter if or when the credit score 'crashes'. The mortgage will be visible to lenders.

Applying at an incorrect address is also fraudulent.

yes, ONCE the mortgage appears it's visible. before it appears, it's not visible...

a mortgage does NOT appear on your credit score on the day of completion, most likely weeks later.

[Deleted User]

Absolutely. Once it's on your file, it's visible to lenders.  Your credit score has nothing to do with it.

DCFC79

Same response as what's been posted on previous threads.

You could have put some aside so you buy a car with cash.