dare I ask?

binerds81

Ok, so after what seems like a struggle I finally got a 90%ltv mortgage offer with Aldermore on the government help to buy scheme where 20% is protected by gov but I still pay full amount.... but looking through the offer they have made a condition that I pay back both my credit cards (just over 2k)

However due to costs incurred on a previous failed mortgage application (with a different lender) plus £999 arrangement fee (previous lender was free) this puts me very stretched for the deposit plus the credit cards and as a ftb i don't own any furniture/appliances and had hoped to be able to buy some things!!

Anyway my question is, if I asked my broker to approach them to ask that they revise the offer to a 95%ltv to give me a way of clearing both credit cards (i don't have any other debt) would they consider? The mortgage monthly payment would increase by £30 per month but I'd have enough left to get some essential furniture without putting it on the cards.

And if I had to go through a new application and the answer was no, could I still keep the original offer they gave me as it says it is valid for 3 months?

Thanks for any advice

Sheep

Cant you pay the 2k credit cards off to please the lender and secure your mortgage and then put the furniture etc back on your credit cards once you complete?

binerds81

Hi sheep , yes i thought that as well but it's ok if you're planning on buying new stuff but i was hoping to get some second hand furniture from local sites where I would need cash.

My broker has said that the credit scoring is tighter between 90% and 95% and he'd have to submit a full new application that might get turned down - but I was thinking I'd have nothing to lose if I could still go back and use the original offer. He said he'll ring them to ask that the condition be removed instead so will have to see what they say.

Sheep

I wish you luck!!

One thing worth adding.... You can still buy locally using your credit card on Ebay. Just set ur paypal up with your credit card and u can then buy second hand bits and bobs. Just a thought

binerds81

Thanks :-) I'm just panicking now at the thought of having no savings in case something breaks down. .. probably will be ok if I just save as much as possible every month after the move. ... i have an airbed and a blow up chair if it comes to it!

Prothet_of_Doom

Live without Furniture. All you need is a mattress and a pillow until you spot something on freecycle or gumtree or use the MSE local deals tool.

I got a dining table, 4 almost matching chairs and a desk chair for under £10 DELIVERED recently. Mind you my sofa was £50 including delivery from the Heart Foundation.

Angie_B

Pay off the credit card, then after completion, use your credit card for everyday spending and save that money for the furniture you need to use cash to purchase.

Or don't wrack up more credit card debt (unless it's on 0% and you have a way of paying it off before it incurs charges) and just learn to live without loads of furniture for a while. You'll be amazed at what you can live without. I had no bed for months when I bought my first flat and survived just fine.

I really don't think it's worth the stress trying to get another mortgage when you have already had problems once and your broker has advised he thinks it would probably be turned down.

binerds81

Thanks for the responses, i think i just read the offer and panicked this evening! I've got a lot of the small things already so i can survive ok :-)

Does anyone know when the cards would need to be paid off ? On the day of completion or before so that solicitors can check?

libf

I had this clause written in when I remortgaged but I don't actually recall it being checked... But my balance was around £500 so maybe they decided it just wasn't worth following up on.

Landofwood

libf wrote: »

I had this clause written in when I remortgaged but I don't actually recall it being checked... But my balance was around £500 so maybe they decided it just wasn't worth following up on.

I assumed credit cards would be cleared by the solicitor with completion monies, but that sounds less likely now I've written it down