Will getting sofa finance before completion affect mortgage?

adzy77

This may be a really silly question and I hope it is....

We are looking at ordering a sofa from dfs on a 4 year finance due to them taking weeks to deliver, but we havent actually moved in yet.

I was wondering if taking about £1200 on credit for the sofas could affect the mortgage going through on completion?

ACG

It could do yes. Any credit before completion could have an impact.

Fishingtime

So you may have a sofa and no house to put it into

mrginge

Don't apply for any additional credit until you've completed

Black_Eyeliner

Probably not worth the risk.

chanz4

I know someone who did and was fine, just like people say dont use credit cards but I paid my lender using a credit card for the valuation lol

bonbon49

We ordered £2000 of sofas about a month before completion, and didn't have any problems, we'd have our full offer received by then, and because the sofas took so long to make we had to order then to have them for when we moved. Though of course like others say, it could make a difference for you, I can only tell you my own experience.

Yorkie1

A lender can pull a mortgage offer at any time up to completion and these days they have increasingly sophisticated real-time systems to identify increases in credit.

Nobody on here can say what your lender will do, but just because others have been OK, you can't predict whether you will be fine.

Goldiegirl

Wait until you move in.

You can always sit on deck chairs for a few weeks.

lee111s

I did and had no problems. I suspect it would only be an issue if you were right on the limit. In addition the DD agreement doesn't get set up until you have taken delivery.

kingstreet

I reckon probably three out of a hundred cases would be affected by applying for new credit between application and completion.

Remember - when you apply for a mortgage, you agree to inform the lender of any changes in your circumstances and that would include any new credit commitment which could affect affordability and the credit search will be visible to the lender if it carries out another search before completing your mortgage.

If you are happy to take the risk, that is entirely up to you. I routinely advise anyone we contact with a view to representing them to avoid any new credit applications from the point we start, until after the mortgage completes.

It's just another one of those little things which forms part of the bigger picture.

If you micro-manage every little detail of your mortgage application, why would you do anything with potentially negative impact at the most sensitive time. You should also expect MMR changes next month where everyone tells you not to do anything to upset your affordability post-application.

Finally, I don't remember anyone being told not to use an existing credit card, but ensure the balance is where you've told the lender it will be prior to completion, just in case.