WHO Poll

tobster 7:36 Thu Nov 21
Mortgage/loan advice
I have only just been accepted for a mortgage but would like to get a loan, only of about 6k to buy a few bits and pieces for the house..

My question is...when is the best time to get one without it risking my mortgage or being declined.

If I wait until I move in, my credit file may be updated as showing a mortgage plus I wont be on the new electoral roll and lenders would not want to give me the money.

Shall I wait until I am told the keys are ready to be picked up then apply with the address I am already at and switch it to the new place when I actually start living in it?

I would appreciate some advice on this please.

Replies - Newest Posts First (Show In Chronological Order)

tobster 9:19 Thu Nov 21
Re: Mortgage/loan advice
Brilliant, Thank you so much

Nutsin 9:08 Thu Nov 21
Re: Mortgage/loan advice
Yes Tobster, use your current address.

tobster 9:05 Thu Nov 21
Re: Mortgage/loan advice
Thanks for the replies.

I may wait until the keys are in my hand then apply.

I wouldn't be moving in then for about 2-3 weeks so would I be okay to use the address I will still be living in (more likely to be accepted)
rather than the new house.

BRANDED 8:57 Thu Nov 21
Re: Mortgage/loan advice
Borrow it from the bloke down the pub!

joe royal 8:53 Thu Nov 21
Re: Mortgage/loan advice
Got a credit card? Interest free cash advances is the way , needed a short term (6 month) loan of 9k , cost 340 to borrow it interest free.

Nutsin 8:40 Thu Nov 21
Re: Mortgage/loan advice
I worked as a financial consultant in London for 5 years before coming to the states for legal and general.
I did a lot of mortgage business back then, Once you are approved use to be the rule however after the collapse of Lehman guidelines tightened.
When I first came to the states I did mortgages until the collapse of Lehman, what underwriters now do out here is pull another credit report at funding to ensure nothing changes during the process.

I would suggest you wait till the loan has funded and escrow is closed to be safe. A new mtg doesnt show up on your credit immediately anyway. So get the keys then apply is the smartest move.

hammer205 8:31 Thu Nov 21
Re: Mortgage/loan advice
Once you have the mortgage in principle offer or mortgage offer

You may as well get a credit card that has no interest for 2 years like Sainsbury’s

lab 7:49 Thu Nov 21
Re: Mortgage/loan advice
Many moons ago ( many moons) I bought all the stuff I needed from charity shops , nothing electrical tho. No one knew the difference . And guess what ...you’re giving to charity . At that time of my life I didn’t wanna borrow anymore.

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