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Mortgage approved...should we wait before applying for credit?
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Thank you for the replies!
My husband actually went back to the lender (Lloyd's) who confirmed no further credit checks would be done before completion....so more confused!
The lending amount is only about 2.5x our income so not sure if that has had any effect?
Think we will try and avoid it in any case if we can0 -
I wouldn't take the risk, I'd get the house first especially as you're this close to completionCurrent Mortgage 01.10.17 £113,513.88
MFW Start Mortgage: £114,794.64
Current MED: 2036:eek: Target MED: 2026
Overpayment Target for remainder of 2017: £2,000
Mortgage overpayment savings: £684.80
MFW No 124 :money:0 -
Oh no! I was planning on doing the same!
We move in the summer to a new build that won't have any flooring in. We were hoping to do 0% at carpet right on interest free. It's not going to be cheep buying underlay/carpeting/fixtures up front. We've been quoted £2000 for the house plus £600 fitting. (There's some haggling to be done there) but still. It's a lot to pay up front on top of everything else.
Time for plan B...0 -
My husband actually went back to the lender (Lloyd's) who confirmed no further credit checks would be done before completion....so more confused!
This is blatantly outside of the department's remit.
The audit team can, and will check a case any time they like, including after completion, although that would have little effect on the borrower by then.
The correct answer is, as has already been mentioned. Do not get any new credit, and do not increase the credit you already have until you own the propertyI am a Mortgage Adviser
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.0 -
This is blatantly outside of the department's remit.
The audit team can, and will check a case any time they like, including after completion, although that would have little effect on the borrower by then.
The correct answer is, as has already been mentioned. Do not get any new credit, and do not increase the credit you already have until you own the property
Thank you, why would the bank say they won't be then? Are they lying?0 -
I would say that they just don't know (or care) what goes on outside of their specific departmentI am a Mortgage Adviser
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.0 -
Whatever you do, don't use Carpetright...
As for getting credit or making big spends, I'd avoid it personally.0
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