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Using a planned overdraft after contract exchange on a house
Jacko2024
Posts: 2 Newbie
Hi,
Apologies if this has been asked before!
We have just exchanged contracts on our house and are due for completion on the 25th of July. We need a fridge/freezer and washing machine for when we move in.
We are getting some surplus funds from the sale of the house and know that this money will be with us upon completion but we wanted to purchase the items beforehand so that they are ready for installation and use when we move in.
Would using our planned overdraft to purchase these items affect the mortgage application?
Apologies if this has been asked before!
We have just exchanged contracts on our house and are due for completion on the 25th of July. We need a fridge/freezer and washing machine for when we move in.
We are getting some surplus funds from the sale of the house and know that this money will be with us upon completion but we wanted to purchase the items beforehand so that they are ready for installation and use when we move in.
Would using our planned overdraft to purchase these items affect the mortgage application?
0
Comments
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Most big suppliers of home appliances have a next day delivery service so you could order them on completion day and have them the next.
if you think you can’t be without a fridge for a day, have a look at local selling places for a second hand one beforehand, there are always bargains to be had and it’s never a bad idea to have a spare fridge.2 -
Short term use of a credit card would be better than using an overdraft.
How are you covering things like removal fees, if things are that tight financially before you complete?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
We have savings to cover the removal fees which we know will be replenished post-completion. It's essentially a cash flow thing rather than affordability.0
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I'm with DevonGardener. Places like AO.com will happily supply stuff next day. I'm sure Currys will too.
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Don't. Use a Currys or ao.com the day you move in0
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if you must order before, use a credit card0
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The risk is that your mortgage offer is pulled and hence you can't complete on the property you are now tied into. Its a small likelihood, but a high cost if it does happen.
So if you can mitigate it, I would. eg
- use a credit card instead of overdraft (the latter is seen more as not in control of finances even though the result is the same).
- order upon completion for next day delivery
- buy second hand and upgrade when it dies0
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