Taking out storage after mortgage offer in - repercussions if any

fishcultureman

Hi.

I am in the process of selling my house to buy another. I have a mortgage offer for the new house and havent signed the mortgage deed yet and therefore haven't exchanged contracts either.

To avoid problems with removals later, I am considering placing a lot of my stuff in storage leaving little to do on completion/moving day. The storage costs would be paid by bank transfer on an ongoing monthly basis. Does anybody think it would be dodgy for me to pay by bank transfer for storage - as regards impacting or being flagged up on my ongoing mortgage application? - I have elsewhere read that if you do sign on for a committed period, technically this should be declared with a mortgage application as a financial commitment or "anything you wouldn't want to give up". The owner does not carry out credit checks either, he just wants my name, address and telephone details is all.

Any advice is very welcome!

moneysavinghero

Nothing dodgy about paying by bank transfer.  Usually with the storage companies you are not actually committing yourself to more than a month at a time, the bank transfer is just to make payment easier.

2bFrank

You will be fine, as long as you are not on the brink of your available mortgage (e.g. 100% of what you actually can borrow) then it wouldnt make much of a difference. Nor if the bank looked at your statement again is very unlikely to be even noticed. Key transactions are betting, debt etc, these are more likely to cause an issue.

If you really want to play it safe just get a ongoing contract most storage places do it, its a bit more expensive but doesn't put you on a minimum contract, that way you are not committed to anything on paper (although in real life you need somewhere to put your stuff).

fishcultureman

2bFrank said:

You will be fine, as long as you are not on the brink of your available mortgage (e.g. 100% of what you actually can borrow) then it wouldnt make much of a difference. Nor if the bank looked at your statement again is very unlikely to be even noticed. Key transactions are betting, debt etc, these are more likely to cause an issue.

If you really want to play it safe just get a ongoing contract most storage places do it, its a bit more expensive but doesn't put you on a minimum contract, that way you are not committed to anything on paper (although in real life you need somewhere to put your stuff).

Many thanks for the quick reply. I can easily afford the extra storage costs, and yes it is an ongoing monthly payment that I can end at the end of each month.

AnotherJoe

Wont they do it on a credit card?