Deposit Advice Please

struanhellier

Hi All,

Perhaps I am being ultra cautious but . . .

We have an AIP for a mortgage (Post Office £225K on a £250K house). We have the £25K deposit sitting waiting in a savings account and we have a house purchase rumbling through at the moment. Full application in, valuation done, pay slips provided, just waiting for a formal offer of a loan. Credit history immaculate, no outgoings on loans, always paid credit cards off in full each month, etc.

If I now rack up a credit card bill of approx £2500 in order to pay for all of the associated expenses which go along with buying a house, will that come back to bite me in terms of any further credit checks that may be made?

In short, do I:

a) Rack up the bill then make the minimum payments for a while.

b) Sell my motorbike for £5K and make life easy (though dull!!)

c) Any other ideas?

Many thanks to all of you for all the advice you give. This forum is outstanding.

Cheers,

S

poppy10_2

Sell the bike - credit card interest will bite you in the !!!.

opinions4u

There is a possibility that they may do further credit checks. Worst scenario is that this would lead them to withdraw the offer - leaving you high and dry committed to a purchase.

To build up additional debt prior to commencing the mortgage would mean that you have a duty to disclose the additional debt to your lender anyway.