Have I done something foolish

[Rickandmorty]

Hi
We are about 5 days from completion (hopefully). I am waiting for call from the solicitor. Yesterday I bought a fridge freezer on finance as ours has packed up and we want to keep savings for decorating when we move in.
Now I've read horror stories online about applying for credit before mortgage completion. Obviously I can't undo my application now. Yikes! Have I done something particularly stupid or is it just slightly stupid and I should just try to stop thinking about it? It didn't even cross my mind that this would be a dumb thing to do....!

[wowfudge]

It's a few hundred pounds rather than thousands? Highly unlikely to have any effect. You haven't exchanged yet by the sound of things.

[Rickandmorty]

No we haven't exchanged yet. Yes about £600. Thank you. Do banks tend to do another check before completion?

[2bluestars]

No, i think once they've approved your application all the checks are done, you should be fine

[NewPurrs5]

We almost took out finance just before exchange, our broker gave us a stern talking to- your mortgage company can and will run continuous checks up to completion and can chose to reassess (or pull all together) right up until completion. Thus you losing everything.

However, at £600 I really do not think you need to worry. Presumably you put it on finance to reserve the cash for other immediate stuff house buying brings, but could pay it off if they requested?

I don't think you need to worry but it is true that it can cause problems and they can change their minds if they recheck your finances at any time.

[Rickandmorty]

See our broker didn't say anything like it, but as soon as I applied I had that feeling of 'you idiot!'
There's nothing I can do about it now. Yes I could pay it off. I don't know whether to tell our broker or just bury my head in the sand

[Believeitornot]

Why would you buy a fridge on finance if you've have savings? I know you want to decorate but you could just reprioritise what is necessary?

[Rickandmorty]

Because our savings need to pay for a rewire and a new kitchen. And it's easier to pay something off for 12 months. I know a lot of people don't agree with buying on credit but it was a way to free up more money. Obviously it was a mistake but I'm not sure what to do about that now.

[Rickandmorty]

Do you have any advice on what I should do? I'm a bit worried I've fucked us up!

[Ifailed]

Given the cost of buying and moving, let alone the purchase price, I can't see this being a problem, unless you already had a slightly poor credit rating. If it worries you, why not contact the mortgage company and explain?

[Believeitornot]

I don't think you can do anything- it's too late as the credit check has happened now and on your record.

I would be tempted to do nothing and if it comes up then you can come clean and explain to the broker that you didn't realise and that he/she hasn't mentioned it. Plus it's a small amount.

[Rickandmorty]

Thanks for the advice. We have a 75% mortgage so a substantial deposit and I have had a slight pay rise in that time, not that they know that, so hopefully if they do find out it wouldn't scupper us too much. I am such a first time buyer! What a stupid thing to do!

[NewPurrs5]

Given your other info (deposit and pay rise etc) I really don't think you've anything at all to worry about.