Furniture on 0% finance after mortgage

rococomaiden

Good morning.
I remember reading on this forum that you shouldn't order any furniture on finance (even though it's 0%) while waiting to complete.
Is it ok to do so on the day of completion? The day after completion?
It would just be very helpful to spread the cost over a year.
If it's relevant, the mortgage was not close to the max we could have borrowed.

onwards&upwards

Once you’ve completed that’s it, it’s your house. You could quit your job and buy an elephant on finance if you wanted and as long as you keep paying your mortgage it’s all good.

Furniture on finance is rarely a good deal though.

rococomaiden

onwards&upwards wrote: »

Once you’ve completed that’s it, it’s your house. You could quit your job and buy an elephant on finance if you wanted and as long as you keep paying your mortgage it’s all good.

Furniture on finance is rarely a good deal though.

That's good to hear.
Spreading the cost over a year with zero interest seems like a good deal to me?

Cakeguts

rococomaiden wrote: »

That's good to hear.
Spreading the cost over a year with zero interest seems like a good deal to me?

Why do you have to have new furniture? Just do what lots of other people do and get some second hand furniture until you can afford to buy it without taking out finance even if it 0%. Try freecycle and the Heart Foundation charity furniture shops or does your family have some that they don't need anymore. You can also get some really nice furniture from auctions.

Lokolo

I did it and it was happy with my decision. I did it after completion though. 3 years 0% for 2x 3 seater sofas, a TV unit, a coffee trunk and 3 side tables.

7 years later, after another move and with some baby sick stains, sofas are all good. One bad side table that is now in a lonely room as varnish spilt and stained it. Very happy.

hazyjo

Because you've just taken on a large financial agreement (mortgage), you may find they refuse you anyway. That never looks good long term to have a refusal. As far as I can remember, it's wise to leave it several months.


As above - never a good idea. Please get used to paying out X amount first with your mortgage. You might think it's affordable on paper, but maybe try putting that amount away each month for a few months and see how you get on.


Get second hand/temporary in the meantime.

muhandis

Once you complete, you can do what you want.

Whether you get accepted or not is of course dependent on your credit history but the criteria to be accepted for furniture finance is unlikely to be very stringent.

Enjoy your new home!

rococomaiden wrote: »

Good morning.
I remember reading on this forum that you shouldn't order any furniture on finance (even though it's 0%) while waiting to complete.
Is it ok to do so on the day of completion? The day after completion?
It would just be very helpful to spread the cost over a year.
If it's relevant, the mortgage was not close to the max we could have borrowed.

joanars

We had to do something similar but we needed the finance for new central heating installation because the house is very old and tired, the tank that was heating up the water was broken and there was absolutely no shower pressure. Not to mention the electricity bill because of the storage heaters.

We applied about a month after completion and the application was refused because we lived at the new address less than a month at this point.

We had to wait another couple of months before applying again and being accepted.

rococomaiden

That is an interesting point about the address... hopefully if I could place the order the day after completion, I could then change the address on my records afterwards (as long as the furniture doesn't have to get posted to the billing address).
We would rather not buy two lots of furniture which is why we are looking at getting our preferred items initially. We also don't drive so can't easily collect items from gumtree or auctions etc.

bouicca21

When I moved I did a mixture of eBay and 0% credit card. Good quality new furniture is frighteningly expensive, so I only bought what really needed to be new and lived with semi empty rooms for a while (which turned out to be a good idea because I gained a better idea of size, layout possibilities and colours).

If you can’t collect secondhand furniture you can always get a courier or white van man to do it for you. Or some vendors will deliver.

sal_III

rococomaiden wrote: »

That's good to hear.
Spreading the cost over a year with zero interest seems like a good deal to me?

If you like the product and can easily afford the monthly payments go for it. At completion the bank has already released the mortgage funds so you can't get the offer withdrawn.

The reason it's usually a bad deal is that you shouldn't pick your furniture based on who offers 0% finance for starters. And the fact that you are getting into one more significant financial commitment. What would happen if you have a dip in your income, due to illness or redundancy etc? Can you keep paying both the mortgage and the furniture finance? What happens if there is a sudden need for repairs in your new home like a leaking roof or a new boiler?