Moving House/Credit for new furniture

gimathon

I was going to post a really long thread (this is long in itself) with lots and lots of questions on all sorts of matters, but perhaps it is simpler to keep my questions short and sweet and relevant so people understand what I'm asking rather than giving a life history.

My partner and I are buying our first home soon, pending bank valuation, payment of deposit, exchange of contracts.

Once thats sorted we will for the first time have to acquire our own furniture, for at the moment all we own are a bed and a few storage units.

Although my inclination is to pay for things up front, with a wedding coming up as well, it may be best to keep what I can in the bank.

Also my partner is keen that we get new furniture, and isn't going to accept the cheapest option!

Credit could be an option - The sofa companies seem to do 3/4 year interest free installment deals. Although I presume this will be credit checked and contribute to the credit scoring....

Currys also have a 36 month pay later scheme that appeals, now I realise I'd have to pay more in the long term for this one though!

The other choice is to get a credit card - I have a 900+ credit score, although there are negative factors associated with me also - a low credit limit, and I've only been using credit for the past three months (and only then because I realised I wasn't able to get credit easily) So I have to question whether the credit I'd look for (rewards, 0% purchases) would touch me.

Finally, and now for the most important question - when should I actually apply for credit (either store credit or card credit). I have told my partner I shouldn't apply until we get the keys to the new house with fear that I would lose the motgage offer we've got.

However, leave it too late and I may not have the credit ready for when I need it.

How would you play this?

Thanks for any help.

notanewuser

Scale down the wedding, pay cash for anything that doesn't have 0% finance. Don't apply for any other credit until you've completed on the house. You can live without a sofa for a while.

unimaginative_user_name

I would be wary of trying to furnish a house from scratch solely with new stuff. I would try free cycle, local charity shops or auction houses which sell the contents of houses to get the basics. You could find ideas online for freshening up and personalising the furniture if you are so inclined.

Gradually as you can afford it you could do up a room at a time, perhaps one or two a year starting with the rooms you use most often or where you entertain visitors. I wouldn't necessarily go for the cheapest options as quality lasts longer but it's not worth getting into masses of debt for things that will lose so much of their value the moment they leave the shop.

_Andy_

As per above.

Trust me from experience, moving in with a big new mortgage, then adding to it with a shedload of debt, is not the way to go

You-kip

Me personally I wouldn't move into my first home and sit on other people's skanky left over sofas but that's just me.

What I would've done was save up for the furniture in the first place.

CLAPTON

whatever you do, don't apply for any further credit until you have the have the keys

grumbler

gimathon wrote: »

...
Also my partner is keen that we get new furniture, and isn't going to accept the cheapest option!...

He seems to be a high earner and hence it will not take him long to save for everything new.

borkid

unimaginative_user_name wrote: »

I would be wary of trying to furnish a house from scratch solely with new stuff. I would try free cycle, local charity shops or auction houses which sell the contents of houses to get the basics. You could find ideas online for freshening up and personalising the furniture if you are so inclined.

Gradually as you can afford it you could do up a room at a time, perhaps one or two a year starting with the rooms you use most often or where you entertain visitors. I wouldn't necessarily go for the cheapest options as quality lasts longer but it's not worth getting into masses of debt for things that will lose so much of their value the moment they leave the shop.

Definitely this. Who knows what the future will bring.

[Deleted User]

the furniture companies that offer 4 years free credit front load the "cash"price anyway,far better to find the best deal and finance another way e.g 0% apr cc

bigadaj

woodbine wrote: »

the furniture companies that offer 4 years free credit front load the "cash"price anyway,far better to find the best deal and finance another way e.g 0% apr cc

Anecdotally it seems that the finance lasts significantly longer than the furniture in most cases if you listen to previous customers.

rabbit_burrow

I would pick the cheapest stuff tbh, I'm inclined to buy what I need now at a cheap price, and then upgrade at a later date if I don't have the money available.

Buying a home is so much more than just the mortgage, which you will soon come to realise, and if you're saving for a wedding you will want to be be putting every spare penny (after maintaining your home and paying your bills) into that fund.

Or you could give into your partner's whims and buy the 'not cheapest option' stuff, you never know, you may save money after all when the wedding gets postponed/cancelled due to stress of paying everything including the mounting debts.

Joking aside, the first few years after buying that first home really does bring more than you originally thought, so be wary.