Got finance before completion of house...

Sugnid

Was advised to post this in this section for additional comments.

Hi,

First time buyer along with my wife and everything is done bar the exchange of contracts/completion.

Given we’re a couple of months out, I did a Google search in relation to distance between mortgage offer and completion, read these forums and noticed everyone talking about not getting credit before they’ve gotten the keys, etc.

Cutting to the chase, in our naivety, we were unaware that any further checks might happen nearer the time and ended up getting finance 13 days ago via Barclays Finance to get a few things before the move.

Naturally I’m devastated as had I/we known this, I/we’d have never gone through with it knowing it potentially could wreck our move. Appreciate that this is a very painful life lesson to have learnt with potentially fatal consequences..

So while I know the credit check will show up on my record now either way, should I just cancel the finance while I’m still in the 14 day grace period so it’s not hanging over us?

Would be great to get some advice.

Thanks.

csgohan4

No finance before completion is the general advice, if you want to continue with the finance, do so at your own risk, lenders will and do credit checks before completion


Duplicate Thread
https://forums.moneysavingexpert.com/discussion/5888465/got-finance-before-completion-of-house




Please only create one thread

Sugnid

Thank you for your response.

What I'm wanting to know I guess is if we cancel said finance and when if I/we are checked again, and are asked about it, will the fact that we realised our error and got it cancelled affect the procedure?