Applying for more credit between formal offer and completion?

kateandpete

We are expecting to get a formal offer from ING within the next couple of days for a remortgage which starts in November. As the mortgage is our biggest expense we have made sure that all of our finances were in great order to apply for it.

However...we urgently need to replace our car which is no longer big enough for the family and to do so will need to borrow money. We only run one car but cannot really cope with none so the plan is to get a loan from Zopa (allows penalty free overpayments and early repayment) to allow us to buy a new one, then repay most when we sell our current vehicle. Delaying much longer on this means going on a driving holiday with three very cramped and grumpy children and no space for luggage!

My fear is that the mortgage falls through and we are left reapplying elsewhere with searches and more unsecured debt on our credit records (currently we only have a couple of credit cards which are payed off in full every month). What are the chances of a problem after formal offer? Will they run any more searches before completion which may scare them if we own two cars at the time and have a full loan for that?

kateandpete

Looking at threads where people have had offers withdrawn I think it looks like it is probably too big a risk to take so probably best waiting until Nov and cramming into the current car for now.

Would still appreciate any input though from those more knowledgeable than myself.

casualwalks

Wait until after you've completed. It isn't worth the risk.