Finance prior to mortgage completion?

jonesydave

Hi

We are due to Complete in June, and we want to get our sofas on a 0% finance deal from DFS. We would be wanting to do this soon due to lead times of manufacturing the sofa. My question is, will this affect out mortgage at all? I am worried that it may... We are just about to complete our mortgage application with Halifax.

foxy-stoat

It may well affect the mortgage - either wait until completion or buy some secondhand sofas so you wont have to wait.

[Deleted User]

It's simply not the worth the risk, however small.

You can always pick up an old sofa from anywhere. Finding enough spare cash to buy a house is a lot more challenging.

Viki2410

We were in the exact same position as you and I rang our mortgage company (Aldermore) who checked that it would not affect the affordability and told us we were fine to go ahead. It's worth asking the question.

jonesydave

Thanks all. I think i am going to be upfront with Halifax and simply ask the question... Like you say I would rather have a shoddy sofa in a nice house, than a nice sofa in no house...!

LegalCashier

What did Halifax say? We are in the same position

ACG

The difference with Aldermore is they do not credit score. If you fit criteria and pass affordability, you usually get a mortgage.

With "normal" lenders such as halifax they do credit score. So the extra debt, repayments and credit check can affect the outcome of your application.

General rule of thumb, would you rather have a new home and no sofa for a few weeks or a new sofa but no home? If you take on the debt, there is the risk that could happen. Unlikely but definitely possible.

kingstreet

The Halifax system re-scores applications regularly and throughout the process, right up to the solicitor's submission of the Certificate Of Title in preparation for completion.

foxy-stoat

jonesydave wrote: »

Thanks all. I think i am going to be upfront with Halifax and simply ask the question... Like you say I would rather have a shoddy sofa in a nice house, than a nice sofa in no house...!

You can pick up some cheap nearly new or good condition sofas if you dont mind hiring a van and travelling a bit, mainly off people who dont want the hassle and just sign up a 5 year interest free credit for thousands of pounds @ £30 a month.