Building credit after mortgage completion

Hatchet1234

Hi all

We are due to move into a new house at end of Jan.
As part of the mortgage offer, we have to pay of all of existing debt.

However if I pay of all the existing debt then I will be left with hardly anything for carpets and blinds.

Although I will not risk the mortgage offer, just wanted to understand what could be the implications if I paid off one of my debts a little later. Only reason for this is because I get my annual bonus end of March and this will cover any shortfall I have for the carpet and blinds.

So end of March everything will be cleared off. Could the mortgage company still cancel my mortgage after completion even if I didn't miss a payment within that time?

The other option is to get carpet on a buy now and pay in 6 months time and then just clear it end of March anyway but I assume this will still show as finance on my credit file? Thanks

Like I said I don't plan on risking the mortgage offer even after completion but just trying to understand how I can plan for the additional house move costs before I get my annual bonus. Thanks

YHM

The lender has the ability to withdraw the offer at any time if the conditions with in are not met. It is much safer to stick to what you've been contracted to....

feekerry

Is the condition that you must clear on or before completion or is it say within 30 days of completion?
If it’s on or before completion then the solicitors may ask for proof before releasing funds. If it’s within 30 days of completion then you may have some scope date wise to get something sorted

Firsttimebuyers

What are the debts? Credit Cards?


I definitely wouldn't be taking any new credit out / making any credit applications - but if you clear the debts before completion, then use the same cards (after completion for carpets then I'd imagine that's quite common.

Hatchet1234

Yes condition is to clear the debt before completion. Although in theory this will be done the same day as the completion because I needed the funds from the sale of my house.

That's fine. I will clear everything and I may just need to borrow for a few weeks from Family to get the carpet done, etc. Hoping it don't come to that if I can help it.

Thanks :beer: