Paying off credit cards before completion

bdwoods

UPDATE: We have exchanged without providing proof, and I have received a text from the mortgage provider saying that they will be releasing the funds the day before the completion date.

Does this mean it's now a done deal and i wont have to show proof that i've cleared these debts?

I would really prefer not having to borrow money from family but obviously dont want to end up homeless on completion day should the money not actually be released.

Debtslayer

Posters have already provided their thoughts
Personally I wouldn't take the chance, especially now you've exchanged, you'll have much more to pay out than cc debt if the purchase doesn't go ahead now!
But at the end of the day it's your decision, only you can decide if you're willing to take that risk for the sake of paying some cc debt off

wannabeprudent

bdwoods wrote: »

UPDATE: We have exchanged without providing proof, and I have received a text from the mortgage provider saying that they will be releasing the funds the day before the completion date.

Does this mean it's now a done deal and i wont have to show proof that i've cleared these debts?

I would really prefer not having to borrow money from family but obviously dont want to end up homeless on completion day should the money not actually be released.

Refer to Amnblog's two posts that it depends on the attitude of your solicitor (this poster is a mortgage broker so should know).

The lender has stated that funds will be released the day before completion. Actually the lender releases funds when requested by solicitor, solicitor will request funds when they are satisfied all is in order, one of their checks is.....(refer to Amnblog's posts)

AnotherJoe

bdwoods wrote: »

UPDATE: We have exchanged without providing proof, and I have received a text from the mortgage provider saying that they will be releasing the funds the day before the completion date.

Does this mean it's now a done deal and i wont have to show proof that i've cleared these debts?

Not for sure, no.

I dont understand why you'd take any chance with this. Do you really want your solicitor phoning you up the day before completion day or even in the morning saying "OK I've got the mortgage money now show me the CC statements showing they've been cleared before I pay it over".

Maybe the odds are only 1 in 20 but why on earth would you take the chance?

If you are that tight on money it doesn't bode well for starting off as a homeowner with all sorts of unexpected costs likely, indeed almost certain.