Debt to repay on or before completion of this mortgage

BradZ

We finally have our mortgage offer from nationwide.

Having looked through the document under special conditions it says under “debt you will repay on or before completion of this mortgage” “this offer is issued on the understanding that the following commitments will be repaid on or before completion of this loan” it then goes on to mention £1200 worth of debt.

Might just be me but the wording seems confusing! Does that mean the £1200 needs to be paid off before our mortgage goes through? Or does it mean before the 25 years of our mortgage is up?

Sorry if it’s a silly question! Just want to know if we need to pay out the £1200 now or we can save the money we would use to pay it off for things for the house!

Thanks

alex_163163

I would say it is due on or before the day you complete on the house purchase, ie the day the funds are transferred from the lender to your vendor.

YHM

Completion is based on legal completion, which is when your mortgage starts, therefore the monies need repaying before then