Getting finance whilst waiting for mortgage offer

Mash91

Hi everyone, me and my partner are currently waiting for a mortgage offer from Halifax. The survey has been done we are now just awaiting the offer. We were "well in affordability" according to our mortgage broker. We went to dfs yesterday and ordered a swivel chair and table which we can cancel at anytime should our mortgage fall through for example as its "subject to" but we are just wondering if this could actually affect the mortgage?
Thanks.

FtbDreaming

My broker advised not to take out any new finance whilst applying for and going through the mortgage process. I wouldn't do it personally even if your affordability is good. Just wait till everything is signed on the dotted linex 

greatcrested

Unlikely but possible.

More to the point, best not to start shopping for your new property till you Excange Contracts. Nothing is certain till then.

foxy-stoat

If you ordered furniture using additional finance and you haven't told Halifax about this planned debt then you are risking the mortgage being declined.

Mash91

After speaking to DFS credit has been accepted for the chair and table but we can still cancel. We are trying to get hold of our broker to explain what we've done. If we cancel the order is that better or is the damage already done?

iampetesmith

My advice would be don't do it until the keys are in your hand. There is a slim chance that the lender will do a final credit check, see that on your file, then pull the mortgage offer which can be a disaster if you've exchanged contracts. We bought the sofas on the day we got the keys and had to wait a couple of months for them to be made and delivered, but we got used to sitting on camping chairs for that time.

JamesN

I get how easy it is to get excited when things are progressing. But anything can happen in the property market so as others have said, I wouldn't be doing a thing until exchange.

It isn't wise to get finance whilst trying to secure a mortgage even if you're well into the affordability. Unfortunately, if they've done a hard credit search which I assume they have if you've been accepted, then the damage is already done. It just depends if they do another check on your credit before handing the mortgage over.

Try not to get too stressed over it though. When are you looking to exchange/complete?