We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Don't risk before completion???

clausorin_radu
clausorin_radu Posts: 5 Forumite
in House buying, renting & selling
Me and my husband accepted a mortgage offer from NR but I need to take up a loan before completion date. Is that risky? Would they know if I try a different lender? I would appreciate your advice.
«13

Comments

  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    At any time before completion, the lender can do another credit check on you, and yes - it will ring alarm bells if your financial standing changes. I personally would not risk it.

    Whatis loan for, and can you delay until after completion?

    Until the mortgage funds are in your account, then lender can still withdraw their offer!
  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    I wouldn't risk it personally.
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    What do you need a loan for?
  • go_cat
    go_cat Posts: 2,509 Forumite
    I've been Money Tipped!
    Lets hope its not for the deposit
  • betmunch
    betmunch Posts: 3,126 Forumite
    Taking a loan out is a material change in your circumstances that may lead to the mortgage lender not wishing to lend you the money. You must declare it if you are going to take the loan out before you take the mortgage out.

    Just wait until you have completed on the mortgage and then you can take the loan out.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • phoebe1989seb
    phoebe1989seb Posts: 4,452 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    According to the other post by the OP it appears the loan is for a car..........
    Mortgage-free for fourteen years!

    Over £40,000 mis-sold PPI reclaimed
  • go_cat
    go_cat Posts: 2,509 Forumite
    I've been Money Tipped!
    phoebe1989seb wrote: »
    According to the other post by the OP it appears the loan is for a car..........

    In which case it could wait until after completion so as not to compromise the house purchase
  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    OP, does it have to be a "NEW" car? Can you not buy a £300 runabout to tide you over until the mortgage is through and settled?
  • betmunch
    betmunch Posts: 3,126 Forumite
    phoebe1989seb wrote: »
    According to the other post by the OP it appears the loan is for a car..........

    Its good that its not for the deposit. Unlike another recent post with exactly the same details!!!

    Getting a loan now will change the credit score AND the affordability of the mortgage application.

    I hope the OP reads this in time and gets by until the mortgage has gone through
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • AFK_Matrix
    AFK_Matrix Posts: 682 Forumite
    I really don't understand the need for people to get new cars as they loose money instantly. Why not get a second hand car for a decent amount, maybe 1-3k which I assume would be a smaller loan than a new car would be and if your worried about warranty there are plenty of ways to buy warranty for it if your that worried.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture