Will my offer be withdrawn before completion but after exchange?

lmlotty

Ok, so I have already been up all night worrying about this. I'm so stupid, but I applied for a loan for some home improvements and to consolidate a debt and then decided afterwards to Google this and found every forum to say do not apply for new credit until completion! I naively (FTB) thought that once exchange happens, everything is in the bag! I'm so cross with my silly self and the thought of losing the house and 10% absolutely terrifies me!

So my question are: 1) how long does it take for an application search to show up on my credit file? 2) will an application for credit be grounds for the lender to withdraw their offer as I haven't actually signed on the dotted line and opened up a new credit agreement yet (they're sending the paperwork, I've just been approved)

Any advice welcome!

Thank you,

Tired and a jittering wreck

amnblog

If you have not drawn down the loan the worse you should have is a credit search on the file. Not ideal but not to horrendous.


Don't be drawing down any loan funds as that could adversely affect your affordability calculation.

lmlotty

Morning,


Thank you so much for your reply. You have said the same thing as my broker actually who I called first thing this morning. I certainly won't be touching the agreement for the loan until completion now I know what an idiot I've been. I'm just wondering how many other naive people have gone out and bought sofas on finance etc before completion and have been ok? I have a week of nail biting left before completion date...eeeek!


How realistic do you think I'd lose my 10% deposit and the offer would be withdrawn for a new credit application? My broker said that if they did credit check again and saw the search/application we could make something up and even say that I didn't mean to apply, just get a quote?? As there are no funds/new credit agreements set up, I'm so hoping this will be ok!?


Don't know how I am going to sleep for the next 7 days!

amnblog

Your broker sounds very smart.


Unfortunately, he/she cannot help you sleep at bedtime.

lmlotty

Thank you - yes my broker is amazing I just wish I had spoken to them for advice before doing the application! I hope I'm not the only one out there that has done this and everything has worked out ok!


Fingers crossed all will be ok!