Mortgage worry's

gazmic1612

Hi

I received my mortgage offer three weeks ago and should be completing in two weeks. Last week I took out 2400 pounds of finance for three years on furniture but also paid off an existing high interest loan for the same amount that had seven years to run. My mortgage company knew about the original loan so I havent told them that I've paid it and taken out another one. Could this affect my chances of my mortgage completing or am I worrying over nothing?

USM

Yes it is possible they will credit check you again before releasing the funds and notice a change in your circumstances.

Dave_Ham

This is a bit naive, obviously the banks pretty much expect you not to do things like this.

Never mind what is done is done, there is a small chance they will check this and the issue will be that your new finance will turn up quicker on your credit report than the other being settled.

If they do get in touch, hands up honest mistake and tell them about the repaid loan.

Unless you were up to your borrowing limit they may even just allow it if they do check..

Still, you know for next time...

gazmic1612

I'm hoping as I'm porting my mortgage and have been with my mortgage company for 5 years without ever having been late in my repayments and never missing a payment I won't get checked again.