Mortgage offer and need loan

spud73

Have waited until after completion- see above! . Think a loan would be the better option for me financially. So, approach own bank or go to somewhere to do a soft search first. My bank doesn’t offer soft searches

spud73

Also if I should get turned down for a loan, would that damage my ability to then apply for a credit card as a second choice!

[Deleted User]

Use an eligibility checker first.  And as said before, a single search is not an issue.

soolin

Just another thought really, whilst a stair lift may well be necessary due to the house layout and your needs , nothing else is needed. We lived in a house with bare boards for several weeks once , at that time family lent us a couple of rugs for the main rooms but that was all. Nowadays with the huge amount of give away groups around on Facebook and such like you are bound to find some rugs you can use temporarily. 

We also managed with spare sheets at the window in the bedroom, no other curtains for a few weeks either as we waited for a couple of pay days to get the absolute basics as we went on. 

Make sure whatever you do end up doing that you can afford it, a new home with everything finished is a real treat, but not if it means you can’t afford to run your heating, or buy food. I’d rather eat than have fancy curtains.

spud73

Thanks so much- it won’t mean I can’t eat or anything like that if I do borrow. I will be earning more once we move, it was just circumstances over the deposit which were unexpected that have caused a temporary cash flow issue. 

So it’s better to do a soft search for loans rather than stick with my own bank? Or won’t it matter if I get turned down by them?

Ebe_Scrooge

spud73 said:

So it’s better to do a soft search for loans rather than stick with my own bank? Or won’t it matter if I get turned down by them?

As per my previous reply, the fact that a hard search has been performed is recorded on your file, not the outcome.  So whether you're accepted or declined makes no difference.  A soft search is seen only by you, not other lenders, so it's "better" in that respect - but do remember that a soft search cannot give you a definitive answer as to whether you'll be accepted or not.  At best it can give you a general indication.  And if you go ahead with an application for a product that you're "likely" to be accepted for, then a hard search will be carried out, this may result in a different outcome to the soft-search indication.

1 or 2 hard searches in a short space of time is generally reckoned to be OK.  More than that and it starts to make you look like you're desperate for credit, which will be viewed negatively by other lenders.

spud73

thanks so much for that helpful information. So if I try through my bank first and then if turned down by them could try one of the soft searches I got 100 chance of being accepted for that should be ok if I’m reading that right.
So thinking of trying own bank and then one other if I can’t get a loan from bank. 

Thanks so much for everyone that gave me advice. I picked the keys up this afternoon!!

longjohnjohnson

Why on earth would you buy an uncarpeted and generally unsuitable property if you have specific needs?

spud73

That’s particularly helpful and too late. Thanks anyway! I only wanted a bit of advice on loans not a discussion about my choice of property which is very suitable. I would go into my reasons but that is not what this forum is for. Just to say it is extremely difficult to find any suitable housing at all if you become a wheelchair user.

spud73

Thanks to all on here that did give helpful advice. I have been able to take out a loan with my bank this morning- after all that worry!! Will be able to get all the  items we need which is great news.