A customer contacted us to say they took a loan half way through their mortgage application😱….This nearly gave us a heart attack as it might have ruined the whole plan of a successful so far case! So much preparation, hours of work, customer’s hopes they would soon be in new home – all might have come to nothing! Why?
Any material change that happens in between a mortgage offer and the moment you collect your keys to new home must be reported to the lender ❗️
Lender reserves the right to do pre-completion credit checks and any such thing as a new loan or car finance or outstanding balance on credit card can be detected, which may mean your mortgage may not be affordable any longer…
This is one of the things you shouldn’t do once you have mortgage agreed – DO NOT TAKE A NEW LOAN!!!
What else could jeopardise the whole home buying plan?
📌Change of a job
📌Reducing your working hours
📌Getting into arrears or having a CCJ registered
There is, however, one thing you SHOULD ALWAYS DO…it is to speak to a mortgage broker first before you do anything.👩💻🧑💼
Should you have any questions about a mortgage, feel free to speak to us. We are here to help.