Mortgage Condition Help

tfa

Hi All,

FTB here. I just wanted some explanation on a question or advice from anyone who has been in a similar situation.

We have our mortgage offer and at the bottom of it is a special clause RE Credit Card balances.

When we did our application they asked both of our current CC balances. They then asked what they would be reduced by when the time comes to complete. This was a tricky one to work out but since mine was only £150 i said i would pay £150. I did this that month when the bill came in. Then we are now a further month on and the balance is about 300, again it gets paid off.

The terms say that the debt has to be paid before completion

Do i need to have my balance at £0.00 when the house completes? Cos i would quite like to get a few bits in the run up and am now slightly worried.

Any help guys would be great.

Cheers.

Rollinghills

The way I read it your balance must be 0 before completion.

tfa

So that would baiscally render my CC useless now for the next 3 months while we complete

goodwithsaving

I haven't touched mine since the offer came through and won't until after completion. It isn't worth the risk - it has to be at zero before completion. Adjust to using debit for a bit while you wait to move.

amnblog

If it is conditional on the offer the solicitor will be expected to ensure that it happens.

Some solicitors will insist they have evidence it is paid, some will just point the offer conditions out to you and leave it to you.

If you always pay your card off at the end of the month that should be good enough.