Re: Personal
You can apply for a loan at any time, but whether you get it is another matter. If I may say so, and without sounding patronising, this is probably the wrong way to go about things. I think what you are saying is with the equity in the house (once you get into it ) you would like to borrow on the strength of that. That would be remorgaging and you would have to wait a time before you can do that.
Taking out an ordinary loan from the bank is probably too much on top of paying a mortgage. I dont know what you earn? but unless you are head of ICI, and taking into account all your other outgoings, the bank may feel you are overstretching yourself. A better way of doing things is to delay buying the house until your friend is paid back and any other debts as well are cleared that way you can start with a clean slate.
You only have to read some of the other threads on this site to see how people get themselves into trouble with debt which they can't get out of. Best not get in that situation to start with. Plan ahead is the best way.