Virgin Money offer

dsme94

Hi,

I have had my offer of loan through from Virgin Money. I want to purchase a couch but want to take advantage of the interest free credit to utilise the rest of my money decorating. Can anyone give some strong advice on whether or not to purchase the couch?

The delivery time is estimated at 13 weeks which is why I want to order right now. The sofa is from Harveys, ridiculous delivery times but nice couch. :mad:

Thanks in advance.

sultanabran

Where will you put the couch if you take on new credit, your mortgage provider does another credit check before completion and then withdraws your mortgage offer?

Advice is always to not open any more lines of credit between mortgage offer and completion. Whether you stick to that and whether or not it ultimately affects you are different matters. Depends if you want to risk it or not.

ACG

Cometely agree no one can say whether or not it will be ok. Chances are it will be, but is it really worth the risk?

kingstreet

No applications for new credit between application and completion.

getmore4less

Get a second hand/free couch.

Once you have decided on the decoration consider a newer one by saving up.

dsme94

I already have the mortgage offer, doesn't that mean completion?

sultanabran wrote: »

Where will you put the couch if you take on new credit

The couch doesn't come for 13 weeks, I get my keys in 6 weeks.

Torpis

kingstreet wrote: »

No applications for new credit between application and completion.

When people say this, does that also include things such as Building Insurance when paying monthly?

jessnat995

dsme94 wrote: »

I already have the mortgage offer, doesn't that mean completion?



The couch doesn't come for 13 weeks, I get my keys in 6 weeks.

No they mean completion as in moved in, keys in hand where no one can withdraw the offer from you,

jessnat995

Torpis wrote: »

When people say this, does that also include things such as Building Insurance when paying monthly?

Im going to say no, as its not credit, I think they mean , Credit cards, loans, car finance and such things,

kingstreet

Torpis wrote: »

When people say this, does that also include things such as Building Insurance when paying monthly?

Anything which requires a hard credit search which will leave a footprint on your credit file visible to lenders searching you.

You would need to establish that from whoever you plan to use.

kingstreet

dsme94 wrote: »

I already have the mortgage offer, doesn't that mean completion?

No. Completion is the point the money and the keys have changed hands.

Until that point, a mortgage offer can be withdrawn if the lender feels the application no longer meets its status, affordability or criteria.