Does lender check your files again before completion? 21 July at 11:42PM edited 21 July at 11:56PM in Mortgages & Endowments 3 replies 234 views

okigen

Hi all, FTB so please excuse the silly question!

I guess the real concern is whether lender will request bank statements and reassess affordability again before completion? I'm starting to encounter large expenses for ordering furniture, interior design,  legal fees, home survey etc. On top of that I'm starting to take a hobby class which is about £200 per month (but it's paid weekly and can be cancelled anytime), and recently made a large one-off donation to help a friend's medical treatment.

I maintain a budget tracker and am comfortable that my financial situation is still good shape. There should be no change in credit file i.e. no loan, credit card paid off every month etc (except one of my card got a little credit increase which is automatically done once in a while). But I'm worried that lender may just see this differently and withdraw my offer.

Am I being paranoid? Many thanks!

Windofchange

The general advice is that they might, they might not, it’s a bit of a how long is a piece of string question. With us they didn’t recheck anything, and I think this is more the norm than people who do get checked from my understanding, but why did you ‘have to’ buy furniture and do interior design!? There’s nothing you’ve put up there with the exception maybe of your friend’s medical treatment that had to be done right now? In the period between offer accepted and walking into the house for the first time, it is important to hold off on anything large that might bring your affordability into question. I know it’s a pain as our process was 8 months start to finish, but the only thing I did was order sky tv in that period. Like many new home owners we had some bits of furniture, but sat around on camping chairs etc for a month or two whilst we got things ordered after completion! 

What’s done is done. Guess you’ll have to wait and see…

okigen

Ah okay, thank you. I think I'll cancel the hobby class then. I don't have any furniture at all so thought I should start ordering bed and table. But now thinking again I'll call the shop to cancel.

Sad to think I'll sleep on the floor for a while.. oh well

greensalad

Purchases fall through all the time. I wouldn't buy any furniture until you have the keys in your hand.