I've ordered a sofa and mattress on finance before completion (after exchange)...

BarelySentientAI

Dumbo1986 said:

BarelySentientAI said:

Dumbo1986 said:

What’s incredible is that my advisor nor my solicitor said anything about making any purchases on credit in the interim. I checked my mortgage offer from Nationwide and it doesn’t say anything either. By some dumb luck I stumbled upon a Reddit thread and it set alarms bells ringing.

It really shouldn't need your advisor, solicitor or lender to say "don't take out extra credit while you are getting a mortgage".

Having said that, it isn't the first time your situation has come up on these boards so perhaps it isn't so obvious to everyone.

As far as I can recall, they all worked out fine.  Next time, just wait until after you've moved in though?  Waiting an extra few days for your sofa is easier than the stress.

Just to add, it should need our advisor and/or solicitor to say this, as that's what they're paid for. My wife and I have £2,500 left as cash to save/spend once we're done paying to survive for the month. Like I said, an extra £100 a month between us isn't exactly going to see us struggling to pay our mortgage so we didn't even really think about it. Our mortgage payments will be exactly the same as our rent, so we know what we can and can't afford.

And also, we have been saving up before moving, for years and years! This is literally the first two items in our lives we've put on credit. If failing to complete costs us more than the deposit then we might as well just find the nearest tall building...

It isn't though.

Just like they probably didn't say "don't get convicted of fraud or sent to prison in the next couple of weeks".

There is quite a lot of personal responsibility in a transaction of hundreds of thousands of pounds.

Anyway, worst that happens is that Nationwide does another affordability check and decides that they can/cannot lend you the same amount/slightly less.  Which I don't think you have much to worry about.  If they were very concerned about your exposure to debt, they wouldn't have offered you 30k more than you needed or they would be putting a condition on the mortgage to say pay off X and Y before completion...

MWT

Dumbo1986 said:

And also, we have been saving up before moving, for years and years! This is literally the first two items in our lives we've put on credit. If failing to complete costs us more than the deposit then we might as well just find the nearest tall building...

As was said earlier, don't do it again, but in your circumstances not likely to cause an issue.

You've told your advisor about the pay increase as well I assume?

BarelySentientAI

And like I said, you're not alone.  Don't know whether that helps or not, because not all were lucky:

https://forums.moneysavingexpert.com/discussion/comment/74616700

https://forums.moneysavingexpert.com/discussion/5930981/help-mortgage-offer-withdrawn-after-exchange

https://forums.moneysavingexpert.com/discussion/comment/79194154

https://forums.moneysavingexpert.com/discussion/4240723/taken-out-credit-card-after-mortgage-application

https://forums.moneysavingexpert.com/discussion/6315205/applying-for-credit-during-mortgage-application

https://forums.moneysavingexpert.com/discussion/comment/78461883

https://forums.moneysavingexpert.com/discussion/comment/65444120

Flugelhorn

Dumbo1986 said:

BarelySentientAI said:

Dumbo1986 said:

What’s incredible is that my advisor nor my solicitor said anything about making any purchases on credit in the interim. I checked my mortgage offer from Nationwide and it doesn’t say anything either. By some dumb luck I stumbled upon a Reddit thread and it set alarms bells ringing.

It really shouldn't need your advisor, solicitor or lender to say "don't take out extra credit while you are getting a mortgage".

Having said that, it isn't the first time your situation has come up on these boards so perhaps it isn't so obvious to everyone.

As far as I can recall, they all worked out fine.  Next time, just wait until after you've moved in though?  Waiting an extra few days for your sofa is easier than the stress.

Just to add, it should need our advisor and/or solicitor to say this, as that's what they're paid for. My wife and I have £2,500 left as cash to save/spend once we're done paying to survive for the month. Like I said, an extra £100 a month between us isn't exactly going to see us struggling to pay our mortgage so we didn't even really think about it. Our mortgage payments will be exactly the same as our rent, so we know what we can and can't afford.

And also, we have been saving up before moving, for years and years! This is literally the first two items in our lives we've put on credit. If failing to complete costs us more than the deposit then we might as well just find the nearest tall building...

seriously if you have £2.5K left at the end of the month, why did you get credit for these items?

Dumbo1986

Flugelhorn said:

Dumbo1986 said:

BarelySentientAI said:

Dumbo1986 said:

What’s incredible is that my advisor nor my solicitor said anything about making any purchases on credit in the interim. I checked my mortgage offer from Nationwide and it doesn’t say anything either. By some dumb luck I stumbled upon a Reddit thread and it set alarms bells ringing.

It really shouldn't need your advisor, solicitor or lender to say "don't take out extra credit while you are getting a mortgage".

Having said that, it isn't the first time your situation has come up on these boards so perhaps it isn't so obvious to everyone.

As far as I can recall, they all worked out fine.  Next time, just wait until after you've moved in though?  Waiting an extra few days for your sofa is easier than the stress.

Just to add, it should need our advisor and/or solicitor to say this, as that's what they're paid for. My wife and I have £2,500 left as cash to save/spend once we're done paying to survive for the month. Like I said, an extra £100 a month between us isn't exactly going to see us struggling to pay our mortgage so we didn't even really think about it. Our mortgage payments will be exactly the same as our rent, so we know what we can and can't afford.

And also, we have been saving up before moving, for years and years! This is literally the first two items in our lives we've put on credit. If failing to complete costs us more than the deposit then we might as well just find the nearest tall building...

seriously if you have £2.5K left at the end of the month, why did you get credit for these items?

Because our cash flow at the moment is incredibly small after paying for all the expenses that come with buying a property. We wanted to have nice things after living in rentals for the last 10 years and living on other people's !!!!!! furniture. Paying £150 a month for new sofas, mattress, fridge and carpet seemed a lot more sensible to us than paying £5k upfront (which would take us months to save). The house needs some TLC.

Dumbo1986

BarelySentientAI said:

Dumbo1986 said:

BarelySentientAI said:

Dumbo1986 said:

What’s incredible is that my advisor nor my solicitor said anything about making any purchases on credit in the interim. I checked my mortgage offer from Nationwide and it doesn’t say anything either. By some dumb luck I stumbled upon a Reddit thread and it set alarms bells ringing.

It really shouldn't need your advisor, solicitor or lender to say "don't take out extra credit while you are getting a mortgage".

Having said that, it isn't the first time your situation has come up on these boards so perhaps it isn't so obvious to everyone.

As far as I can recall, they all worked out fine.  Next time, just wait until after you've moved in though?  Waiting an extra few days for your sofa is easier than the stress.

Just to add, it should need our advisor and/or solicitor to say this, as that's what they're paid for. My wife and I have £2,500 left as cash to save/spend once we're done paying to survive for the month. Like I said, an extra £100 a month between us isn't exactly going to see us struggling to pay our mortgage so we didn't even really think about it. Our mortgage payments will be exactly the same as our rent, so we know what we can and can't afford.

And also, we have been saving up before moving, for years and years! This is literally the first two items in our lives we've put on credit. If failing to complete costs us more than the deposit then we might as well just find the nearest tall building...

It isn't though.

Just like they probably didn't say "don't get convicted of fraud or sent to prison in the next couple of weeks".

There is quite a lot of personal responsibility in a transaction of hundreds of thousands of pounds.

Anyway, worst that happens is that Nationwide does another affordability check and decides that they can/cannot lend you the same amount/slightly less.  Which I don't think you have much to worry about.  If they were very concerned about your exposure to debt, they wouldn't have offered you 30k more than you needed or they would be putting a condition on the mortgage to say pay off X and Y before completion...

Well, I think that is up to them to inform their client about, but nevermind. Thanks for the comment though. Hopefully...

Dumbo1986

BarelySentientAI said:

And like I said, you're not alone.  Don't know whether that helps or not, because not all were lucky:

https://forums.moneysavingexpert.com/discussion/comment/74616700

https://forums.moneysavingexpert.com/discussion/5930981/help-mortgage-offer-withdrawn-after-exchange

https://forums.moneysavingexpert.com/discussion/comment/79194154

https://forums.moneysavingexpert.com/discussion/4240723/taken-out-credit-card-after-mortgage-application

https://forums.moneysavingexpert.com/discussion/6315205/applying-for-credit-during-mortgage-application

https://forums.moneysavingexpert.com/discussion/comment/78461883

https://forums.moneysavingexpert.com/discussion/comment/65444120

No, not really. All very different circumstances and none of them really provided any useful info. Most of them disappear before disclosing the outcome anyway.

BikingBud

Dumbo1986 said:

Flugelhorn said:

Dumbo1986 said:

BarelySentientAI said:

Dumbo1986 said:

What’s incredible is that my advisor nor my solicitor said anything about making any purchases on credit in the interim. I checked my mortgage offer from Nationwide and it doesn’t say anything either. By some dumb luck I stumbled upon a Reddit thread and it set alarms bells ringing.

It really shouldn't need your advisor, solicitor or lender to say "don't take out extra credit while you are getting a mortgage".

Having said that, it isn't the first time your situation has come up on these boards so perhaps it isn't so obvious to everyone.

As far as I can recall, they all worked out fine.  Next time, just wait until after you've moved in though?  Waiting an extra few days for your sofa is easier than the stress.

Just to add, it should need our advisor and/or solicitor to say this, as that's what they're paid for. My wife and I have £2,500 left as cash to save/spend once we're done paying to survive for the month. Like I said, an extra £100 a month between us isn't exactly going to see us struggling to pay our mortgage so we didn't even really think about it. Our mortgage payments will be exactly the same as our rent, so we know what we can and can't afford.

And also, we have been saving up before moving, for years and years! This is literally the first two items in our lives we've put on credit. If failing to complete costs us more than the deposit then we might as well just find the nearest tall building...

seriously if you have £2.5K left at the end of the month, why did you get credit for these items?

Because our cash flow at the moment is incredibly small after paying for all the expenses that come with buying a property. We wanted to have nice things after living in rentals for the last 10 years and living on other people's !!!!!! furniture. Paying £150 a month for new sofas, mattress, fridge and carpet seemed a lot more sensible to us than paying £5k upfront (which would take us months to save). The house needs some TLC.

Interest free?

Dumbo1986

BikingBud said:

Dumbo1986 said:

Flugelhorn said:

Dumbo1986 said:

BarelySentientAI said:

Dumbo1986 said:

What’s incredible is that my advisor nor my solicitor said anything about making any purchases on credit in the interim. I checked my mortgage offer from Nationwide and it doesn’t say anything either. By some dumb luck I stumbled upon a Reddit thread and it set alarms bells ringing.

It really shouldn't need your advisor, solicitor or lender to say "don't take out extra credit while you are getting a mortgage".

Having said that, it isn't the first time your situation has come up on these boards so perhaps it isn't so obvious to everyone.

As far as I can recall, they all worked out fine.  Next time, just wait until after you've moved in though?  Waiting an extra few days for your sofa is easier than the stress.

Just to add, it should need our advisor and/or solicitor to say this, as that's what they're paid for. My wife and I have £2,500 left as cash to save/spend once we're done paying to survive for the month. Like I said, an extra £100 a month between us isn't exactly going to see us struggling to pay our mortgage so we didn't even really think about it. Our mortgage payments will be exactly the same as our rent, so we know what we can and can't afford.

And also, we have been saving up before moving, for years and years! This is literally the first two items in our lives we've put on credit. If failing to complete costs us more than the deposit then we might as well just find the nearest tall building...

seriously if you have £2.5K left at the end of the month, why did you get credit for these items?

Because our cash flow at the moment is incredibly small after paying for all the expenses that come with buying a property. We wanted to have nice things after living in rentals for the last 10 years and living on other people's !!!!!! furniture. Paying £150 a month for new sofas, mattress, fridge and carpet seemed a lot more sensible to us than paying £5k upfront (which would take us months to save). The house needs some TLC.

Interest free?

Yes. Mortgage Adviser replied today and said she needs to ask her manager as she is unable to advise... sigh, clock is ticking

BikingBud

Cost to cancel?