Mortgage extension

Streych79

Hi all,

Just a quick question if someone in the know could assist I’d be grateful to calm my nerves. 

We need to get a mortgage extension next week as we’re almost there with the exchange but been issues with our seller in finding a place. 

Now, since mortgage application I’ve run up some debt in a credit card which I have balance transferred to another company to avoid interest etc
 

Will be paying it off Wednesday so I have no debt again. 

My question is would this cause any issues with the extension as I believe the do a soft credit check for the extension then one again just before completion. 

Don’t want to jeopardise our application at the final hurdle. 

Anyone with any experience?

Many thanks  

ACG

Who is the lender? 
How tight is affordability? 
What percentage of your available credit have you used? 

Some lenders (Santander for example) would in essence count the debt regardless of whether you are clearing it. If affordability was to the limit then its likely going to be a problem. 

Other lenders (Nationwide for example) are not huge fans of people using 90-95%+ of their available credit. That does not mean they will decline you btw. 

Chances are you will be fine. But there are exceptions where it could be a problem. 

Streych79

Hi ACG, 

Thanks for replying. 

My bank is NatWest and been with them for about 11 years. 

Card is £2300 of a £9000 limit. The other one I am closing. 

I’m moving some money from savings to pay it off Wednesday but tomorrow asking for the extension. 

Been up since 5 worried about it

thank you  

ACG

I think you will be fine. 

Streych79

ACG said:

I think you will be fine. 

Will find out. Many thanks 

kingstreet

Bear in mind, the offer extension is only one month if you're not buying a newbuild. Upto six months if you are.

Streych79

I am aware of that yes. Only the month we need anyway. Completion date is a day before the mortgage offer expires