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mortgage and loan ?
kokolino23
Posts: 302 Forumite
Hello
I was lucky (or maybe not ?!) to have my mortgage aproved by a lender / bank.
After that, the vendor pulled out so I had to have a look for another house. It was so difficult to find another one but finally I made an offer and has been accepted.
The problem is that the new house is with 15k more expensive than the other one.
Because the lender won't give me more for this new house, I intend to have another separate loan for this extra 15k just 1 week before the completion.
I'm afraid the lender will find out about this new loan (or the loan company can see that I've got a mortgage offer?!) and he can refuse my initial mortgage ?!
Or maybe when I will apply for this new loan they might see that I've got already a mortgage approved?!
I haven't payed anything so far from my mortgage because I didn't buy the house yet...
THANKS A LOT !!!
I was lucky (or maybe not ?!) to have my mortgage aproved by a lender / bank.
After that, the vendor pulled out so I had to have a look for another house. It was so difficult to find another one but finally I made an offer and has been accepted.
The problem is that the new house is with 15k more expensive than the other one.
Because the lender won't give me more for this new house, I intend to have another separate loan for this extra 15k just 1 week before the completion.
I'm afraid the lender will find out about this new loan (or the loan company can see that I've got a mortgage offer?!) and he can refuse my initial mortgage ?!
Or maybe when I will apply for this new loan they might see that I've got already a mortgage approved?!
I haven't payed anything so far from my mortgage because I didn't buy the house yet...
THANKS A LOT !!!
0
Comments
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depends what sort of loan it is i suppose. you could borrow a personal loan for the other 15k and as long as your mortgage lender is happy to lend to you taking into account your prior committments to the personal loan outgoings, then i cant see that its any of their business where you get the other money from. they would want to have the 'first' loan on the property so thats why it would need to be personal loan not connected to the property.
isnt your mortgage lender wondering where you're getting the money for the extra deposit?0 -
Dont be silly with the way the market is going offer 20k less for the new place you have found otherwise it will not be long before you are facing negative equity.kokolino23 wrote: »The problem is that the new house is with 15k more expensive than the other one.
good luck0
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