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Taking finance when waiting for completion
kandfs_mam
Posts: 1,053 Forumite
Sorry if this is a silly question.
Mortgage is confirmed and all solicitor work done (Scotland) - we are set to get the keys in less than 2 weeks and we need new furniture. a well known furniture store is offering 0% finance - if I order furniture now for delivery after we get the keys would it impact the mortgage at all?
Mortgage Aug 22 £280,000
Current mortgage £28,000
Current mortgage £28,000
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Comments
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I would wait, 2 weeks is nothingDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.1
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Mortgage offer was based on income / outgoings etc at the time. If you change that and apply for finance, the risk is your mortgage offer is withdrawn.
Buy / get a few things second hand or pay cash.Mortgage started 2020, aiming to clear 31/12/2029.1 -
There is a chance your lender could do a final credit check prior to releasing funds. If they see additional borrowing or a new financial agreement in place then this could cause issues . Just wait until you have the keys if you need to take out additional finance. The mortgage would have been given on your current outgoings1
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Dh is a mortgage broker and yes, exactly what serenity says above...it happened to one of his clients!Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,0001
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No applications for new credit between application and completion.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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Thank you all - I will hold off until after completionMortgage Aug 22 £280,000
Current mortgage £28,0000
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