We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Change in credit utilisation before completion
Woot1990
Posts: 3 Newbie
Morning all, hoping you can help as you have so kindly done before.
I'm currently in the process of buying a flat with mortgage offer etc received and planned exchange/completion date of 27th nov/11th dec. I need to purchase a new sofa and had originally planned to do this on finance, though as many have pointed out I would be unwise to do this before completion due to the change in my credit record.
My question is whether using an existing credit card would cause an issue? I currently have 2 cards with around £12k combined limit and currently £0 balance on both. I would only be looking to spend around £800 but worried the change in credit utilisation would potentially flag if the lender credit checked again. Given the lead time for sofas I would ideally like to get this ordered ASAP, however as its only a month (hopefully!) to completion I would rather wait if it will cause issues.
Many thanks on advance for your help!
I'm currently in the process of buying a flat with mortgage offer etc received and planned exchange/completion date of 27th nov/11th dec. I need to purchase a new sofa and had originally planned to do this on finance, though as many have pointed out I would be unwise to do this before completion due to the change in my credit record.
My question is whether using an existing credit card would cause an issue? I currently have 2 cards with around £12k combined limit and currently £0 balance on both. I would only be looking to spend around £800 but worried the change in credit utilisation would potentially flag if the lender credit checked again. Given the lead time for sofas I would ideally like to get this ordered ASAP, however as its only a month (hopefully!) to completion I would rather wait if it will cause issues.
Many thanks on advance for your help!
0
Comments
-
It's honestly not worth the risk of having your mortgage offer withdrawn.
Wait until you get the keys in your hand, after completing.
Mortgage started 2020, aiming to clear 31/12/2029.0 -
As long as you're clearing in full with each statement, it's very unlikely to be an issue. Lenders don't expect you to stop spending money.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards