Can I live a little while mortgage application in?

Linzimain87

So I'm currently trying to get a mortgage though nationwide I'm at the point where they have took all my financial details a hard search was done last month. Nationwide are coming out to value my house next week so I'm assuming within next two weeks it'll be a yes or no.my question is will booking a holiday before or after the application has been approved affect them saying yes. I have some debt but it's all under control my bills are all paid on time.im just wondering if they'll even check my bank again coz I'm aware once it goes to solicitors it could take 8 weeks. I know in grand scheme of things a holiday isn't everything but me and my son could really do with something to look forward too ATM. Thanks

MWT

I suspect you already know the general advice is not to take on any significant new expenditure between application and completion, especially anything that would change your credit file.

They are making their decision based on your finances as you have presented them now, they can recheck all of this at any point between now and when you complete on the purchase, so it isn't just between now and 'yes', it is between now and completion, so it would be risky...

 

kingstreet

No lender will have an issue with you spending your own money. As MWT says, avoid anything which would affect your credit profile - no hard searches and try to avoid big CC expenditure.

Linzimain87

That's crazy even if it doesn't go on credit file and there's plenty of money in the bank. Could be months before completion day 😭

MWT

Linzimain87 said:

That's crazy even if it doesn't go on credit file and there's plenty of money in the bank. Could be months before completion day 😭

You can still spend your own money, just don't do major credit card purchases or new credit agreements.

You mentioned you already have some level of debt, so I'd at least wait to make sure that they do not make repayment of any of that debt a condition of the mortgage, just in case you need the cash for that...

ACG

It depends...
Are you planning on living with credit cards/overdrafts or with savings/money in the bank? One might cause a problem, the other would be fine. 

Linzimain87

My broker said it won't effect application. I'm obviously making massive payments to pay my debt off but I've been so careful since looking for mortgage I've reduced loads of bills and priced up a reasonable holiday so budgets won't be blown.

ACG

It probably wont. But is it worth the risk?

If you are planning on going away in June for example, you will be in the new place by then. You can still go away in June. 

Each to their own, but I would not be risking a house purchase for a holiday that you can still go on even if booked later. 

amnblog

You already have debt, you have a mortgage application in and you are considering adding to the debt with further CC spending?

Not smart, wait.

Cash purchase, fine.

Brie

Define "holiday".  Going camping for a week in Devon?  Great!  Going on a month long cruise with a luxury firm?  Not so great.  

Linzimain87

amnblog said:

You already have debt, you have a mortgage application in and you are considering adding to the debt with further CC spending?

Not smart, wait.

Cash purchase, fine.

I wouldn't be putting anything on a credit card it's money in my savings account