approval in principle

hi,
I am in the last part of buying a home, mortgage approved and waiting for cheque to clear. My mortgage was approved on condition that i clear all of my loans,credit cards etc which i have done. However once i receive my cheque i will be under huge pressure to move in as soon as possible as i cant afford rent and mortgage for more than a few weeks.this means i want to start budgeting now so as not to waste time once my mortgage payments start coming out of my bank
My problem is that i am trying to budget for cost of furniture etc and want to get a loan of 10,000.
When I rang the bank to get a loan in principle they could not give me any quotes without doing credit checks which would ruin my chances of getting my mortgage cleared.
i do not want to borrow right now i just want to know how much i can borrow in theory on my earnings of 1850 per month(net), no other debts,2 dependants, over 5 years~(just approx obviously~~)
thank you

Re: approval in principal

movingsoon said:

My problem is that i am trying to budget for cost of furniture etc and want to get a loan of 10,000.

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Do you need to furnish/fit the whole house in one go? Many people can manage to do this one room at a time if their budget is limited.

When I rang the bank to get a loan in principle they could not give me any quotes without doing credit checks which would ruin my chances of getting my mortgage cleared.

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Why would credit checks ruin your chances of getting the mortgage!?

i do not want to borrow right now i just want to know how much i can borrow in theory on my earnings of 1850 per month(net), no other debts,2 dependants, over 5 years~(just approx obviously~~)
thank you

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Have you looked it another way - after your planned mortgage repayments and any other monthly expenses how much would be left over and what sort of loan would this service? You can probably estimate the latter using the online loan calculators from various banks.

Re: approval in principal

thanks clubman,

i have done the online calculators and 10,000 works out at 200 per month over 5 years.
i have been paying 1000 rent per month with my partner so our mortgage of less than 800 is a saving of 200 - i know for sure that i can afford this loan
the mortgage made it clear that i had to be debt free to get the mortgage amount i required so i was very surprised when the bank would not talk numbers to me at all unless they could do a credit check
again it was them, not i, that said this would be made known to me mortgage provider who have made it a condition of my cheque being sent that all loans are cleared
i guess in a nutshell, i was just looking at getting a little info from the bank without risking my mortgage
with regards to the 10,000 - when i looked back on my post i realised it does look excessive and i am not planning a girlie spend in bts homeware section...just the essentials probably less than 10,000

Re: approval in principal

can I suggest that you have a look at Jumbletown for anything that you might be able to pick up for free rather than having to spend a lot of money up front. You could replace stuff as you went along then at a more reasonable pace and with less stress.
Also checkout [broken link removed] similar idea. No girlie spending needed (but a manly van and some help lifting stuff might be recommended!)