Were about 1 week away from exchange. Since being accepted for a mortgage we have applied for a 0% credit card and used it to pay for fees and buy furniture.
Looking on the internet I have heard that mortgage companies credit check you again after exchange. If this is true, whats the possibility of the offer being withdrawn and us loosing our deposit (and possibly incurring massive costs from the vendor) We have the money to pay 70% of the credit card balance off. I was hoping to keep the cash for paying trades people.
So I guess my questions are:
1. Will this effect our credit score?
2. Will we be checked again? (The solicitor has my money and I thing the mortgage money ready for completion already
3. Can the lender pull out after we have exchanged contracts?
4. If they do, what will I loose?
5. If I pay the balance off today, will it be on my records in time?
Responses Appreciated
Regards A
Looking on the internet I have heard that mortgage companies credit check you again after exchange. If this is true, whats the possibility of the offer being withdrawn and us loosing our deposit (and possibly incurring massive costs from the vendor) We have the money to pay 70% of the credit card balance off. I was hoping to keep the cash for paying trades people.
So I guess my questions are:
1. Will this effect our credit score?
2. Will we be checked again? (The solicitor has my money and I thing the mortgage money ready for completion already
3. Can the lender pull out after we have exchanged contracts?
4. If they do, what will I loose?
5. If I pay the balance off today, will it be on my records in time?
Responses Appreciated
Regards A