Loans and mortgage stress

[FknOmniShambles]

Hi all,
I'm feeling a bit overwhelmed with money/credit things so am hoping some kind soul might be able to offer some advice.
Last month I finished paying off a loan and it caused my credit to drop, which is frustrating but expected as I've had it happen before when I finished paying off my car.
I am getting married this year and am hoping to borrow 10k for this and to do some much needed house repairs.
We have also had a letter from Natwest explaining our mortgage deal runs out in April, so I need to re-negotiate this in order to avoid this jumping to a stupid amount. I'm worried thought that if I take a loan now, it'll further knock my credit scores and lead to me getting offered worse mortgage deals. Is it possible to take an extra 10k as part of renewing my mortgage? I'm thinking maybe not as my Loan to Value is quite high. Borrowing money in this way might not even be a thing, but any thoughts would be much appreciated!
Fwiw we do have a good combined income (100k) but due to paying off old debts haven't really got started on savings yet.

In principle yes repeated applications and/or credit applications and hard searches close to a mortgage is far from ideal.

What amounts are we talking? What's the value of the house in spring 2023 (beating in mind prices have fallen lately) and what's your LTV exactly ?

Are you planning on staying with NatWest? If so they will not do a credit check or affordability assessment as long as you don’t borrow any more money.

as long as the LTV allows you can take additional in your mortgage. Depending on your term I would be hesitant to pay for your wedding this way as 25 - 30 years is a long time to pay off a wedding and it will cost you much longer than a personal loan in the long run.

do some research on different banks mortgage rates to see if NatWest is the right one for you

Thank you so much for your reply, and for confirming my worries.
The house is worth 240k and we owe 197k. In a couple of years when we are debt free, the plan is to increase payments so it's paid off before I retire.

And oh by the way adding unsecured debt on to a secured debt like a house is an awful idea - ashojre literally taking a party (your wedding) and
Converting it into brick and mortar over 25 years or so

Cross posted sorry. Yes, I was planning on staying with Natwest if possible. Fair points about it not being a good idea to add wedding loan to mortgage.

Sorry but it seems madness to me to borrow 10k to spend on a wedding when the last thing you need right now is more debt. I would honestly cut right back on the wedding plans and have a much smaller, simpler wedding that you don’t need to borrow 10k to fund. Essential house repairs & securing a better mortgage rate are more important than weddings.

Borrow more when you remortgage to do the house repairs and for the wedding. If you are remortgaging in April, you should be able to borrow it then. Cut right back on the wedding, you won't regret it.

I wouldn't take a more expensive personal loan when I could use a cheaper mortgage and overpay.

Couple of questions:

How much of the £10K is for your wedding, and how much for essential house repairs?

What are the house repairs you need?
And what is the money for the wedding to cover?

Now you’ve paid off one loan, how much does that free up every month?

What is your mortgage interest rate at the moment? If it expires in April you may be in for a shock . Don’t leave it any longer to start the remortgage application process.