Home improvement loan

[tunnocksweesnake]

If I were to use most of my savings and equity as deposit on my next home, how soon would I likely be able to get a loan to do home renovations?

If I buy a do-er upper, and put down 25% deposit, my mortgage could well be less than it is now.

But I'd then need to borrow around 15k for the refurb. Paying that back over 4 years would still be less than a bigger mortgage on a ready to go home.

But would I be able to do this much borrowing all at the same time - the new mortgage from a lender and the refurb loan from my credit union?

Thanks!

Bumping

It's a separate decision by your credit union. Definitely don't apply for any additional borrowing before your new mortgage completes as that will affect the underwriting decision, but after that, it depends on how your credit union assesses your circumstances, which may be different to how a standard loan provider looks at it.

I assume that you have discounted just taking out a larger mortgage to release your £15k and there's a reason why this wouldn't be practical, eg to get a cheaper interest rate, affordability etc?