Taking out credit shortly before completion

LDN>HK>LDN

Hi Everyone!

So, we exchanged contracts today and I'm very excited.

However, as FTB (or virtually, we haven't owned our own place for 4 years) we have zero furniture.

We've got some cash put aside and have several thousand pounds of vouchers from our wedding, but looking around there are some excellent deals from Next and M&S for 2 years % finance when you spend over a certain amount.

Now, I've heard that most mortgage providers will undertake another credit search the day of or just before completion to make sure you are still capable of paying your mortgage once it has begun. If you've suddenly run up a lot of credit shortly before they can often refuse to release the funds.

So, my question is, is it sensible to leave off ordering any furniture and stuff until after the completion date?

The_J

Absolutely. Don't take the risk.

Cue people telling you to save before you buy a bed.

moatmeister

Why dont you save before you buy a bed?

(Well someone hadto do it!............

Lbarn

Lol absolutely god forbid you wanted to borrow money for home improvements or furniture, I started a thread a few weeks ago about getting a loan ( we are ftb buying a repo that needs quite a lot of work) are in excellent financial situation... And I've seen similar questions and quite frankly you and I are directly to blame for the current economic crisis!

But seriously yes wait until those keys are firmly in your mitts

Congrats on your wedding and good luck on your new house :j

betmunch

LDN>HK>LDN wrote: »

Hi Everyone!

So, we exchanged contracts today and I'm very excited.

However, as FTB (or virtually, we haven't owned our own place for 4 years) we have zero furniture.

We've got some cash put aside and have several thousand pounds of vouchers from our wedding, but looking around there are some excellent deals from Next and M&S for 2 years % finance when you spend over a certain amount.

Now, I've heard that most mortgage providers will undertake another credit search the day of or just before completion to make sure you are still capable of paying your mortgage once it has begun. If you've suddenly run up a lot of credit shortly before they can often refuse to release the funds.

So, my question is, is it sensible to leave off ordering any furniture and stuff until after the completion date?

How does this keep coming up!

Just wait until completion, its a week or two away.

Dont risk losing your mortgage and incurring thousands of pounds because your impatient!!!

LDN>HK>LDN

Thanks for the responses. The answers proferred were what I expected, just thought I'd get a second opinion.

Fortunately (or unfortunately, depending on how you look at it), we're actually in quite a good position with regard to furniture and stuff as we've still got a couple of months left on our fully furnished flat after completion, so we have plenty of time to get stuff ordered and delivered without having to sleep on the floor or watch television on "comedy" inflatable sofas.

The only snag is, our new place is on the other side of London, a good hours' drive away and seeing as we both work full time, it could be problematic being around for deliveries. It's a bit early doors to ask neighbours to keep an eye out.

I'm sure we'll sort something out though!