Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Personal Loan before mortgage drawdown

  • 14-02-2018 11:05pm
    #1
    hello92
    Registered Users Posts: 18 ✭


    So my partner and I are due to draw down our mortgage (on a new build) by the end of May. We have full mortgage approval etc.. However, we desperately need to change our car as it just failed the NCT and the cost of fixing it is a lot more than what the car is worth itself!
    My question is what would happen if we were to take out a personal loan before drawdown?
    Thanks


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    There are two things to consider here (1) Would you qualify for the mortgage with the monthly repayments for the car and mortgage and (2) when is your Loan Approval due to expire - some lenders are 6 months while others are 12 months - once you drawdown your first stage payment then your mortgage is issued.

    Once approved all credit checks have been completed so I don't think it should affect you unless for some reason you had to reapply again and perhaps you would still qualify with the car loan repayments.


  • #3
    Fol20
    Registered Users, Registered Users 2 Posts: 3,625 ✭✭✭Fol20


    Personally, I would just get a crappy car for the next 6months-1year until after your mortgage is drawn down. Then go out and get the car you want. The last thing you want is for your house loan to collapse or to be severely limited by a car purchase


Advertisement