We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 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!

Does lender check your files again before completion?

Options
okigen
okigen Posts: 88 Forumite
Eighth Anniversary 10 Posts Combo Breaker
edited 21 July 2021 at 11:56PM in Mortgages & endowments
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!

Comments

  • Windofchange
    Windofchange Posts: 1,172 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    edited 22 July 2021 at 7:28AM
    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
    okigen Posts: 88 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    edited 22 July 2021 at 9:42AM
    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
    greensalad Posts: 2,530 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Purchases fall through all the time. I wouldn't buy any furniture until you have the keys in your hand.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.6K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.6K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.