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Equity Release between Exchange and Completion
EmersonsRed
Posts: 4 Newbie
I'm new to this site and am not really sure whether this is a house purchase, credit card or mortgage question, however - here goes! I have exchanged on the purchase of a new build property that completes in April. I have budgeted for all that I am looking to purchase but the majority of this comes from equity that will be freed up from my house sale. My problem is that I would like to buy some of the new contents before I complete so it is ready for when I move in, but I obviously can’t get hold of the money until I complete on the house purchase. I'm assuming I would need a short term credit card/loan to cover this but I've made the statement on my mortgage application that I don’t have any debts which, at the moment, is correct. The annoying part is, I can pay everything I owe back when the house completes in April. Should I be speaking to my potential lender to get authority to do this? Has anyone had a similar experience? Thanks
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Comments
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I wouldn't do it.
Just wait to completion. Bearing in mind most new builds lag time wise where would you put any new stuff anyway?
It simply isn't worth risking your new property over...0 -
Do you need everything the minute you walk in the door?
Can't you get by for a day or three - airbed on the floor, camping chairs?0 -
There is a small chance that your change of circumstances could result in your mortgage offer being withdrawn.0
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Thanks for the reply, makes perfect sense. I only thought that it would probably be quite a common problem and there may have been some sort of standard process to overcome. Oh well.0
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EmersonsRed wrote: »Thanks for the reply, makes perfect sense. I only thought that it would probably be quite a common problem and there may have been some sort of standard process to overcome. Oh well.
Every lender is different. But one thing is constant. They can all check your credit file before releasing funds.
Any additional borrowing could affect your affordability and/or mortgage offer.
Hardly worth the risk i'd say.0
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