How to pay this in order not to cause issue with mortgage offer?

louiserer

We are buying a new build.



We have quite a lot of equity in our current house. We plan on using some to put a 20% deposit onour new house, some is being used to clear debts and some to pay the builderfor the carpets and extras.



Due to an issue with the first lender down valuing the housewe were asked to make our choices whilst the second lender was going throughtheir process. As this was an issue thatwasn’t our fault and there was a possibility it could happen a second time wewere not asked to pay a deposit on the extras we chose.



Luckily the second survey has been fine and at the amount weneeded it to be, we have been advised the offer will be out in a couple ofdays.



We do not have the money yet to pay for these extras as itis due to come from equity but I am concerned they will ask for payment beforethis date – I think they said a deposit is paid before and the remainder paidon completion. I don’t want to pay thison a credit card as I fear it will change our credit profile and don’t want anyissues with a lender retracting an offer.



Does anyone have any experience with this?

kitty_kins

We're buying a new build and we've paid half of the extras up front with the rest due on completion, but we had the actual cash to do this with so a bit different.

With regards using your Credit Card... We started our application in March, got our offer in May (long story!) and complete end of this month. I've been using my credit card in the meantime and even opened a store account with very little impact on my credit score or application.

Although I'm no expert, I would put the deposit on the extras on the credit card and pay the balance with the equity, paying off the credit card at the same time if that is possible.

Thrugelmir

What other options do you have other than a credit card?

louiserer

Thank you for your replies.

None really. We do not have that as cash.

We advised we would use equity to pay for some of the extras (we have around £3k and will pay the remaining £3k with equity). We should have paid a deposit and the rest on completion but as there were issues with the property being down valued they said they would not take a deposit from us.

louiserer

Can anyone who has been through this remember when you were asked for the money to pay for things like carpets and things? It would make life so much easier if it could be paid to them on completion with the equity but we're never that lucky.