Credit on furniture before mortgage?

casslass

Hi

I am hopefully about to get a mortgage offer through next week and conclude missives (I'm in Scotland), we don't have a date of entry until end of September! We are just looking at furniture just now. Was just wanting some advice re getting furniture on interest free credit deals. If we have our offer in first will this be ok to do?

Thanks

bankhater_1965

at this stage , wouldnt second hand be more sensible until you have settleled in , then maybe re assess your finances at a later date , instead of commiting at such an early stage in having your monthly salery commited !!

casslass

We are fine in terms of being able to afford it just wanted the option of interest free credit if possible but would not want this to affect our mortgage?

betmunch

Extra credit searches will affect your credit score so could lead to a decline if the lender chooses to re-check before completion. Also, even if its interest free its another commitment which will affect your affordability. Do not apply for any form of credit until u have moved in

jamesd

With that long between acceptance and completion you should assume that your mortgage lender will ask for up to date bank statements and an up to date credit search before handing over the money.

It's OK to use credit provided you tell them in advance and get their agreement that the amount will not cause them to decline to disburse the money.

In my case I checked with my mortgage lender about whether they would be fine with me adding a second mortgage with a different lender on a different property of the same value, while also having unsecured credit of more than half of the mortgage value. That was fine, an indication of the low mortgage amount compared to income and the plans for unsecured credit repaying plus my general situation.

Don't fail to communicate, there's no point in not keeping the lender in the loop and then having them make an unfavourable decision.

Thrugelmir

casslass wrote: »

just wanted the option of interest free credit if possible

No such thing. Interest is priced into the selling price of the product.

opinions4u

Wait until after completion.

There have been reports of lenders withdrawing offers late in the day after a last minute credit check.

Personally I'd rather have second hand decent stuff than interest free new stuff. It always seems to wear out just as the final payment is made ...

MoneySaverLog

opinions4u wrote: »

It always seems to wear out just as the final payment is made ...

Coincidence? I think not...

Gary123456790

casslass wrote: »

We are fine in terms of being able to afford it...

Why do you need credit then?

dimbo61

Please wait until you have moved in before buying anything.
You can sleep on a camp bed for a few nights if needed.
We had a poster on here who had ordered a new sofa ( corner) and the property he was buying fell through so now he has a large new sofa coming to a small one bed flat and 4 years of repayments

bankhater_1965

dimbo61 wrote: »

Please wait until you have moved in before buying anything.
You can sleep on a camp bed for a few nights if needed.
We had a poster on here who had ordered a new sofa ( corner) and the property he was buying fell through so now he has a large new sofa coming to a small one bed flat and 4 years of repayments

does anyone have a job for 4 years anymore ??