Furniture 0% APR

Dean0191

Hello! My partner and I have recently had a mortgage offer for our new home. The mortgage broker has recommended that we do not take out a 0% APR loan with anyone. My partner and I were planning on getting our sofa only on 0% finance, but now worry this will risk our mortgage offer being rescinded. 

We can 100% afford all monthly payments, but we are wondering if the sofa could be put in a parent’s name instead of our’s to precent it going against our credit score. 

Any advice would be appreciated!

[Deleted User]

Your parents can buy the sofa if they want to.

Don't take out any credit before completion.

maxximus75

The rule of thumb is generally no applications for credit at least six months before your mortgage application and certianly none until your mortgage is complete and you have the keys!

I know its nice to have a new sofa for your new home but its much better to get the home, first.

If a parent wants to apply for a credit for your sofa, that would be fine but.... it would be their debt and if your didn't pay in the future, then they would have to and any missed payments would tarnish their credit file.

Good luck!

Sncjw

Is the cureent home owners leaving theirs? If so uae that for now and aave up. I am doong just that because i will know when we go buy a sofa we will know its fully ours without a pyament hanging over us.


If not get a one cheap from facebook market place and aave up. You dont need one straight away are the sofa shops open  Rmemeber they also take months to make and deliver sofa too 

Im guwssing you will redocrate use your money for that and get a sofa onxe its all done. 

Ebe_Scrooge

Yes, it's certainly not a good idea to take out any new line of credit so close to a mortgage being approved.  Whatever the APR of the deal being offered - even if it's 0% - it's still recorded on your credit file as a credit application.  If you want the sofa and you have the money sitting in the bank, then buy it outright - you may even be able to negotiate a discount; at the end of the day, there's no such thing as free credit, someone's paying for it somewhere along the line.

As a slight aside from your original question - it's well worth looking at charity shops for stuff like this.  We have a big British Heart Foundation furniture shop near us (I've no idea how widespread they are), but they have really good stuff in stock.  We've recently bought a leather 3-piece suite, fridge-freezer and various items of furniture from there - near-as-dammit perfect condition, about a tenth of what it would cost new, and you're helping a very worthwhile charity to boot :-)

onthemend88

Ebe_Scrooge said:

Yes, it's certainly not a good idea to take out any new line of credit so close to a mortgage being approved.  Whatever the APR of the deal being offered - even if it's 0% - it's still recorded on your credit file as a credit application.  If you want the sofa and you have the money sitting in the bank, then buy it outright - you may even be able to negotiate a discount; at the end of the day, there's no such thing as free credit, someone's paying for it somewhere along the line.

As a slight aside from your original question - it's well worth looking at charity shops for stuff like this.  We have a big British Heart Foundation furniture shop near us (I've no idea how widespread they are), but they have really good stuff in stock.  We've recently bought a leather 3-piece suite, fridge-freezer and various items of furniture from there - near-as-dammit perfect condition, about a tenth of what it would cost new, and you're helping a very worthwhile charity to boot :-)

Just to add, there are so bargains to be found on FB Marketplace. 

In the last few days, I have bought two side tables which were from Ikea, 3 months old, in excellent condition for £30 (£80 each brand new).

I have also just picked up two grey bedside tables, brand new (still in the box). Seller bought them for £90 each and as they are too big and couldn't return them, put them up for sale. I have just paid £75 for both.