First Time Buyer - Mortgage Credit Checks

demeggy

Hi all,

First time buyers here! A couple of weeks ago, our broker submitted application for a mortgage, the DIP came back positive, and on Monday of last week, the offer was put to us and we approved it.
I spoke to my lender today (my broker's not very approachable...) to find what stage everything was at, and they advised me all they were waiting on now was 'Certificate of Title' or something to that effect, and that all our checks were completed and approved etc.
I double checked the app our mortgage is accessed through, and it also says the next stage is Completion.
With the solicitors and conveyancer rolling forward, the offer on our house accepted, we decided to get one essential item ordered as we knew we'd need to time it for the estimated completion date of mid-late October; a sofa.
After purchasing a sofa on finance this morning, I've had the afternoon to stew and I'm now feeling sick with anxiety;

How likely are my lenders to do another check before completion? Will the finance on the sofa affect it if they do? Is this all going to crumble apart before our eyes because of a bloody couch? (The mortgage loan amount they offered was significantly higher than the amount we've borrowed - so I'm hoping this is a benefit).

If anyone can attempt to put my mind at ease, I would be incredibly greatful.

A rather stressed and panicky FTB.

YHM

You are working with a broker you describe as 'not very approachable'....

Honestly, taking finance out before your mortgage funds were released was rather naive, but I can understand why you may have done so if you didn't feel comfortable speaking to your broker. I would expect the monthly payments on a sofa to not be much more than £50 a month, which if your figures fit comfortably, shouldn't disrupt your application.

demeggy

Yeah, he's not particularly informative, which is frustrating when youre an FTB. I agree, was a stupid bloody idea to do it today.

It really wont make even a scratch in our monthly balance, so Im hoping that would factor into it.

Is it common for additional checks to be carried out even if they say the offer is made and all checks are completed?

YHM

It isn't common, but lenders do reserve the right to complete further checks.

demeggy

Cheers for the advice. After a chat with the wife, Im cancelling the sofa order/ finance in the morning. We can sit on the floor for the first month if we have to.
Ive got enough to worry about with completion without stressing over added credit.

demeggy

Update; So it turns out we can't cancel the order... I'll just pay for the damn thing outright on my next payday (in 3 weeks) and pray that a miracle doesnt occur and they opt for completion before then (highly unlikely, right...?)

What's interesting is when they approved the offer, I did have the same amount of credit (I cleared it the same day the offer was approved), so I'm not convinced my current credit balance would have had an impact on their decision (my broker claims my income to debt ratio was a little on the high side, despite us having £1k expendable cash each month after all bills/repayments would be submitted).

Either way, plan of attack is to stick with it, learn from this, pay off the sofa in full in 3 weeks and hope nothing untoward happens in between.

Anyone else ever been in this situation?

[Deleted User]

Lots of people.

Sofas appear to be ludicrously tempting just prior to buying a house.

demeggy

Cheers, feel slightly better that I'm not the only numpty

MovingForwards

Have a look to see what is on gumtree and in your local furnature charity shops, I have been finding some fabulous condition bargains.... 2x 2 seater leather/fake leather sofa's cost me £200 + delivery. Argos are sellung them at £400 each.

Never do credit applications until you get completed on a property just in case.

demeggy

Ta Going forward, hard furnishings will all be secondhand, we're a little funny about secondhand soft furnishings.

Lauralou79

We had a ten week wait for our sofa so were sat on dining chairs for a few weeks! But we paid cash for everything, I don't want to go down the credit route ever again ( bar the mortgage!)
If you can paying cash sounds better... just in case of further checks. Good luck in the rest of your journey