Do I get a consumer loan if I have a maximum mortgage?
If you are already a homeowner but need a consumer loan, this is far easier than if you were to go the opposite way. The banks have different requirements and rules to consider when it comes to consumer loans and mortgages. Requirements for collateral and equity are among the waivers, which make it possible to obtain such a loan even though the home loan has already been maximized.
Yes, it is possible
Even if you have large sums in your mortgage, this does not have to be an obstacle to getting a consumer loan. When you apply for a home loan, your finances and income are evaluated in a completely different way than when you apply for a consumer loan. Among other things, you have to provide equity and collateral for the mortgage, while your income and consumption are thoroughly assessed in relation to the level of interest rates on mortgages and the like. However, it is not so complicated for consumer loans. For consumer loans, collateral is not necessary and a simple assessment of your finances is reviewed.
All you have to do is submit an application to one of the many banks that offer consumer loans. Then a credit check will be performed by you and if you have good enough income then it will not matter if you have a large mortgage. The size of the consumer loan will of course be decisive, but for most people the application will be granted.
How to get a consumer loan with a maximum mortgage
If you experience rejection of the application, you may not always be told why. Then it may be worthwhile to re-apply, perhaps in another bank, with someone. Then the income will be assessed together, and you will have a greater chance of the application being granted – especially if you are two people who are in full-time employment. If you are two on the home loan, then it might also make sense to split the consumer loan in two anyway, so that the economy does not skew in the home, and so that both can contribute equally to the repayment of the consumer loan, which is probably something both parties have enjoy.
Set up a payment plan
Since you already have a maximum mortgage, it is very important that you calculate the cost of the loan. You should be absolutely sure that you will be able to handle the costs that come, and be prepared for a consumer loan to have far higher interest rates than the mortgage. Therefore, you should also prioritize the repayment of this loan, as that is what costs you the most. If you have the opportunity to pay smaller mortgage repayments for a period of time, we recommend paying down the mortgage loan repayments instead.