Credit card spending after mortgage lender has released funds

Tommy1994

Hi,

I’m due to complete on a property on a Monday, NatWest have confirmed they will be releasing the funds for the mortgage on the Friday before (they do it 1 working day before completion day)

I am planning to put some purchases on an existing credit card so no new application needed.

I’m planning to go to Ikea on the Sunday to purchase some things on my credit card, given this is after the mortgage company has released the funds , should this be ok? Doing it this day as need my friend to come with me as they work in the week.

I know not meant to spend on any credit before completion but as funds would have already been given I imagine this would be ok? Of course the purchase that day won’t go onto my credit card statement until the following month. Also by the Monday it wouldn’t have even come through as a transaction yet, would only show in my available balance.

I suppose my question is do lenders have some kind of check where they can see live balances on credit card (and perhaps then on mine they would see my available balance is a bit lower than my credit limit), and even if they do would they check that again on the Monday of the completion after they have already released funds on the Friday. If they then did and somehow saw this and wanted to stop the mortgage , could they even ask for the money back from the Solicitor on the morning of completion  ? I imagine any last check they may do they would do before they release the funds ie on the Thursday or Friday.

Also of course even if they did check it on the Monday it would have to be before around 10/11 AM as neither of us have a chain and I am sending my funds to the solicitor on Friday too so everything will be ready to go on the Monday morning.

Thanks !

[Deleted User]

Even though the risk is very small, I wouldn't.  If completion was delayed for any reason and funds get returned, you're going to have a few sleepless nights.

mortgagetakingages

I wouldn't worry about doing it if it was an essential act.... not just impatience..  

Wales2020

Personally I would wait. Any risk to jeopardise the mortgage offer is too much of a risk for me! But i am a worry wart! 

davidmcn

I can't see how other lenders would even know what the balance on a credit card is? If there was an application for a new card or an increased credit limit then I could see cause for concern.

amnblog

Sleep on the floor to start like we all did and go the next weekend.

csgohan4

Do you feel lucky?
https://forums.moneysavingexpert.com/discussion/5930981/help-mortgage-offer-withdrawn-after-exchange/p1

davidmcn

csgohan4 said:

Do you feel lucky?
https://forums.moneysavingexpert.com/discussion/5930981/help-mortgage-offer-withdrawn-after-exchange/p1

But that's an example of somebody taking out a new loan - which obviously does show up on credit records. I can't see why spending on an existing credit card would matter.