Getting interest free credit on furniture before mortgage drawdown? Is this ok

stickman22

Hi, we have purchased a new build which won't be ready until next summer we have picked some furniture we like in a store which offers interest free credit, there is a wait time but they will hold if the build is delayed. There is good discounts on said furniture but we are a bit unsure if we can take this out before we draw down our mortgage next summer. Our mortgage advisor said as we have found our house, paid deposits etc we won't need to repapply after the 6 months, our mortgage offer is just extended but I don't know our stance on taking out interest free credit beforehand...? Thanks in advance

listermint

stickman22 wrote: »

Hi, we have purchased a new build which won't be ready until next summer we have picked some furniture we like in a store which offers interest free credit, there is a wait time but they will hold if the build is delayed. There is good discounts on said furniture but we are a bit unsure if we can take this out before we draw down our mortgage next summer. Our mortgage advisor said as we have found our house, paid deposits etc we won't need to repapply after the 6 months, our mortgage offer is just extended but I don't know our stance on taking out interest free credit beforehand...? Thanks in advance

Why not wait..... The sales are better in January.

sadie1502

stickman22 wrote: »

Hi, we have purchased a new build which won't be ready until next summer we have picked some furniture we like in a store which offers interest free credit, there is a wait time but they will hold if the build is delayed. There is good discounts on said furniture but we are a bit unsure if we can take this out before we draw down our mortgage next summer. Our mortgage advisor said as we have found our house, paid deposits etc we won't need to repapply after the 6 months, our mortgage offer is just extended but I don't know our stance on taking out interest free credit beforehand...? Thanks in advance

Personally I would wait. I wouldnt risk it and who knows you might see something nicer.

Gumbo

stickman22 wrote: »

Hi, we have purchased a new build which won't be ready until next summer we have picked some furniture we like in a store which offers interest free credit, there is a wait time but they will hold if the build is delayed. There is good discounts on said furniture but we are a bit unsure if we can take this out before we draw down our mortgage next summer. Our mortgage advisor said as we have found our house, paid deposits etc we won't need to repapply after the 6 months, our mortgage offer is just extended but I don't know our stance on taking out interest free credit beforehand...? Thanks in advance

Will the credit against your name now?
If so I'd wait until after draw down.

surrender monkey

I wouldn't do this either! When I took out my mortgage I had a small loan that was due to finish 2 months after draw down. The amount I was allowed to borrow was reduced by £2,000 because of it ! Granted this was 18 years ago.

Alkers

There's so many variables that could impact on the purchase if the house. Wait till you have the house before you buy a load of stuff for it, you'll be able.to get a better feel what will work from living in the space for a while.

stickman22

Thanks so much, very sound advice, I had an uneasy feeling about it. We do need the credit in order to get everything, we would have no problem with the repayments but obviously we don't want to do anything to jepordise our mortgage. I think what we'll do is order our sofa as currently there is a 5/6 month wait time on it & we'll pay or that in cash & the minute we draw down we can organise the credit for b eds & other furniture, we don't know too much about the ins/outs of mortgages but we don't want to do anything crazy to affect out drawdown!

Graham

stickman22 wrote: »

I think what we'll do is order our sofa as currently there is a 5/6 month wait time on it

:eek: That must be some sofa.

I can't help but think you're brave organising any significant furniture before you've seen the exact space. You'd want to stop going anywhere near sofa displays after committing.

4ensic15

The best thing to do is buy stuff from auctions at the start and then replace it as you can afford to. Avoid credit.