The wife and I have decided we'd love to buy a holiday home in southern Spain we've thought long and hard about it etc and feel for us this is what we'd really like to do.
However to make this dream work we need to borrow some extra on our mortgage rather than messing about trying to get a foreign mortgage or anything like that.
Unfortunately like some on here we don't have vast savings/investments etc.
Our house has been valued at £500k. We owe £258k on it and want to borrow an extra £70k. Our mortgage is with Lloyds at the moment and unless we pay around £7k in fees we are stuck with them for now.
We applied for the extra approx 8 weeks ago but told we had failed on the affordability - we had a couple of small things coming to an end that we could pay off so over the last 8 weeks we've cleared them - paid off a few grand off out credit cards etc and got ourselves in a much better position.
However during that time I've been a bit of an idiot and opened a Monzo account (to use whilst in Spain looking at properties) a Zing account as they were doing £30 referral offers. I also opened a Halifax current account and then switched that to a Lloyds account for the £200 switching offer as I didn't want to mess about with my current Nationwide account. None of them have any OD's etc just opened to take advantage of the offers and I'm currently using the Lloyds accounts 6.75% savings offer.
I use Experian and credit Karma to keep an eye on my credit scores and both were showing as very good.
However when we tried again on Wednesday we passed the affordability test but failed the credit score this time!! After the meeting I checked my score and the day before it had plummeted 160 points on Experian!! The big factor being that I'd opened 4 new accounts in 6 months. I've checked again since and its not gone up 83 points already.
I obviously don't plan on opening any more accounts etc now - the mortgage advisor said to wait 6-8 weeks before trying again to let things settle.
Is it just a bit of naivety our end and we should of cleared the small stuff and I shouldn't have opened up several new accounts ?
How long do you think it'll take for my credit score to bounce back - I've never missed a payment / not in arrears or anything - the Wifes score is good so I can only blame myself for trying to get a few quid back on cashback deals.
In an ideal World we'd leave it 6 months and let everything settle but we've found a lovely place but don't dare risk leaving a deposit incase we can't release the extra funds we need towards it. :-(
Thanks for any help / advice