Paranoid first time buyer

Enard98

Hi all,

This might come across as silly to some but I am in need of some reassurance.

My partner and I have had a full mortgage offer from NatWest for a new build property that is due to complete on 31/07/2017. We are exchanging in 2 weeks.

I have a fear of losing the full offer after exchange of contracts which from what I've read on here can occasionally happen. I think because we have such a long period between exchange and completion and this is our first property I'm feeling worried.

I know not to take out new credit - partner has avoided new phone contract, but last week I took out a new car insurance policy that is going to be paid by direct debit - is this new credit?! It didn't even cross my mind at the time! NatWest were sent my bank statements which showed my original insurance payments as £69 a month and the new direct debit amount is £54, but I'm worried that it may be considered "new" credit.

I would really appreciate any advice or reassurance.

Thank you

horseymchorseface

rule of thumb, it's always cheaper to pay the car insurance all in one go.


Secondly if you can't afford to do so, it is worrying as you are taking on a much greater responsibility in buying and maintain a house.


A boiler e.g costs 1-3k

worried_jim

When you get your keys and you've made your first of 300 mortgage payments (assuming 25 years) it will all be worth it. Good luck!

Enard98

So is this going to have an impact on my mortgage offer? Should I be contacting my broker for advice on this??

jlaw4

Yes, its a credit agreement that will leave some form of search on your credit file.

But you already have a mortgage offer from Natwest so presumably you've already gone through all the affordability checks?
and you state that the DD is actually cheaper than the previous year so it shouldn't be an issue... If your really concerned, id contact the broker as they can advise you best.

sultanabran

I think you sum it up in your title with the word paranoid. Lenders expect you to still live your life so I can't see how paying insurance in instalments would be a deal breaker. By all means, if you want peace of mind, speak to your broker but I would imagine they will tell you not to worry about it.

Enard98

Affordability and credit checks have all passed. We have the full offer, the reason I was worried is because I've heard additional checks may take place before completion. Although I don't see how it would affect my affordability in any way as I'm actually paying less money a month than I was before.

I just don't want anything to go wrong before we complete.

DML025

I'm a FTB and we completed last week. A week before completing our car was written off in a non-fault accident, meaning we required a car immediately for work. We bought a car on PCP deal £115pcm. This didn't affect Natwest releasing our mortgage funds a week later. If you're ever in doubt, always speak to your mortgage broker.