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can applying for interest free payment plan compromise my mortgage offer?
lilbou
Posts: 6 Forumite
Hello
I'm reposting this as I didn't get a response. My mortgage advisor doesn't seem to think it's an issue but second opinions welcome!
My dentist offers to spread the cost of my treatment over 18months, interest free, about £250/mth- very tempting and of course I applied for it without thinking! I'm in the process of buying my first home, have received a mortgage offer and should exchange soon...
Having checked other forums I now realise this was a dumb idea!
Is it too late to stop the process? and would the mere fact that I applied for it impact my mortgage offer?
Thanks a mil
L
I'm reposting this as I didn't get a response. My mortgage advisor doesn't seem to think it's an issue but second opinions welcome!
My dentist offers to spread the cost of my treatment over 18months, interest free, about £250/mth- very tempting and of course I applied for it without thinking! I'm in the process of buying my first home, have received a mortgage offer and should exchange soon...
Having checked other forums I now realise this was a dumb idea!
Is it too late to stop the process? and would the mere fact that I applied for it impact my mortgage offer?
Thanks a mil
L
0
Comments
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If a credit search has been carried out, your credit profile may have changed and any further checks by your mortgage lender could see your case reconsidered.
In addition, the addition of a £250 a month credit commitment could negatively impact affordability, making the mortgage you have requested unaffordable.
You should report this change of circumstances to the lender. If you do not do so, there's nothing you can do about it now and if it is reviewed perhaps under a routine audit you may find the lender has an issue.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you kingstreet, all things considered i will not take that credit, not worth the risk; i'm hoping the search will not impact my credit score though
Should i still notify my lender?0 -
You may end up with a nice smile - but nothing to smile about.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
amnblog : if this is how you deal with your clients good luck to them0
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It's unlikely one search will derail the mortgage, you would have to be a very marginal case.Changing the world, one sarcastic comment at a time.0
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Thank you stator, I've had a chat with another broker and he agrees with you
fingers crossed!0
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