Personal loan while waiting on re mortgaging starting

Hello, I’m currently re mortgaging and waiting on it starting on the first of December, my question is im currently looking at taking out a personal loan, so when would be best to take this out so it won’t affect the re mortgage?, thanks 

Comments

  • GrumpyDil
    GrumpyDil Posts: 1,565
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    Personally I would wait for the remortgage to complete before taking out any additional finance but that's just me. 
  • ACG
    ACG Posts: 23,622
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    If you take it out before completion, you would need to notify the mortgage lender. It may or may not make a difference, it depends on how close you were on affordability and the rest of the case as a whole. 

    If you did not tell them, they could pick it up with a last minute credit check. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thank you for your reply, what is meant by completion, is that when the first payment by the new lender has been taken?, as far as I’m aware it was ment to start on the 22nd of October but the lender had came back with a better interest rate so the new date has been moved to the 1st December, contracts for the first deal have been signed by both parties but I’m getting a new contract for the new rate, sorry about this being confusing as I’m trying to understand it myself, thank you for your help 
  • amnblog
    amnblog Posts: 12,388
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    When your new Lender holds the mortgage and your current Lender has had their account settled. Your Solicitor will confirm the matter is completed at that point.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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