Wife credit rating plunge - completion due

Fighter1986

• No one is going to get any credit reference agency to update their records between now and the 12th. 
• Mortgage lenders don't see, or use a score. They use lending criteria.
• If the level of debt you both now hold, reduces your affordability to below what you've asked to borrow, they may withdraw their offer
• This won't be a consequence of credit card utilization % but a consequence of the raw amount of money you both owe
• Mortgage lenders usually calculate their maximum lend as 4.75x joint applicant income, if the applicants aren't in debt
• The max-lend multiplier is reduced in line with applicant indebtness; by how much varies from lender to lender
• Using a credit card at all while in the midst of remortgaging or buying a house is questionable; but to this extent? 
  I'm not gong to cast aspersions. Que sera sera. 
  
• If the lender asks about the card balance, you can directly send them proof that the balance is now £0 if they require it in order to release the funds. 

AAGG1234

Fighter1986 said:

• No one is going to get any credit reference agency to update their records between now and the 12th. 
• Mortgage lenders don't see, or use a score. They use lending criteria.
• If the level of debt you both now hold, reduces your affordability to below what you've asked to borrow, they may withdraw their offer
• This won't be a consequence of credit card utilization % but a consequence of the raw amount of money you both owe
• Mortgage lenders usually calculate their maximum lend as 4.75x joint applicant income, if the applicants aren't in debt
• The max-lend multiplier is reduced in line with applicant indebtness; by how much varies from lender to lender
• Using a credit card at all while in the midst of remortgaging or buying a house is questionable; but to this extent? 
  I'm not gong to cast aspersions. Que sera sera. 
  
• If the lender asks about the card balance, you can directly send them proof that the balance is now £0 if they require it in order to release the funds. 

A dispute has now opened on both sides of the chain. Sellers want exchange tomorrow and completion next Tuesday. Not going to do that in this climate and given my recent circumstances with me and my solicitor in general recommends this to all his clients during the Covid period. Buyer, having being told wardrobes and drawers are staying, now last minute wants them removed LOL. The joys of being in a chain. If it carries on like this, definite delay expected.  Of course I will keep you all posted. 

Carrot007

AAGG1234 said:

A dispute has now opened on both sides of the chain. Sellers want exchange tomorrow and completion next Tuesday. Not going to do that in this climate and given my recent circumstances with me and my solicitor in general recommends this to all his clients during the Covid period. Buyer, having being told wardrobes and drawers are staying, now last minute wants them removed LOL. The joys of being in a chain. If it carries on like this, definite delay expected.  Of course I will keep you all posted. 

To seller: Not a chance.

To buyer: Sorry all agreed, I will do that for £XXX.

AAGG1234

Carrot007 said:

AAGG1234 said:

A dispute has now opened on both sides of the chain. Sellers want exchange tomorrow and completion next Tuesday. Not going to do that in this climate and given my recent circumstances with me and my solicitor in general recommends this to all his clients during the Covid period. Buyer, having being told wardrobes and drawers are staying, now last minute wants them removed LOL. The joys of being in a chain. If it carries on like this, definite delay expected.  Of course I will keep you all posted. 

To seller: Not a chance.

To buyer: Sorry all agreed, I will do that for £XXX.

Exactly what I said lol. They all backed off eventually. 19th is completion date. Solicitor asked for funds today. Squeaky bum time....

Fighter1986

AAGG1234 said:

Carrot007 said:

AAGG1234 said:

A dispute has now opened on both sides of the chain. Sellers want exchange tomorrow and completion next Tuesday. Not going to do that in this climate and given my recent circumstances with me and my solicitor in general recommends this to all his clients during the Covid period. Buyer, having being told wardrobes and drawers are staying, now last minute wants them removed LOL. The joys of being in a chain. If it carries on like this, definite delay expected.  Of course I will keep you all posted. 

To seller: Not a chance.

To buyer: Sorry all agreed, I will do that for £XXX.

Exactly what I said lol. They all backed off eventually. 19th is completion date. Solicitor asked for funds today. Squeaky bum time....

Good luck matey! Keep us posted

AAGG1234

Exchange done today once my solicitor confirmed lender paid the funds. Tomorrow we’re completing.

Babybelles

So glad for you. Good luck with the move & enjoy your new home 😀

AAGG1234

Babybelles said:

So glad for you. Good luck with the move & enjoy your new home 😀

Thank you. Now the stress of the actual move 🤦‍♂️. But it’s good stress 😝

Babybelles

It really is! It will all be worth it when you are in your lovely new home. Exciting times ahead!