worried about completion

[ftb]

I really hope someone out there can help me on this.Am suddenly freaking out as we have exchanged and are due to complete on a house next week.

DH went overdrawn for 3 days (£300) at beginning of this month but has never done this before and it was just a daft mistake. otherwise our credit rating i think is good. no debts no credit cards, no missed payments etc etc. Needless to say i am pretty mad about this one.

Also in a panic as i took out buildings insurance which is £80 a month and realised this is a credit agreement. I feel unbelievably stressed and stupid.

I am incredibly worried our mortgage offer could be withdrawn. Please someone put me out of this misery as I cannot be in this state till completion day. We are first time buyers buying at top of our affordability and I am losing it somewhat. Please could you pass on some words of wisdom if you know what the impact might be. I cannot quite handle being like this for 2 more weeks as i am unbearable to be around as it is...

You should be fine, the credit assessment has been done and the offer is in place. Credit agreements for home insurance are normal, and they shouldn't worry about a £300 overdraft for suck a short period. Generally once exchange has happened, they would only withdraw the offer if something was found to be fraudulent

Thanks for replying thegraduand. Fingers crossed it will be ok

It's OK Ftb, the bank TELLS you to get buildings insurance from exchange onwards, so you're doing the right thing and it won't dent your credit at all. Ratings aren't based on having no debts, they are more about being a "good borrower".

You'll be fine, good luck!

You already have your mortgage offer so credit check has already been done on you! And you have to have insurance as part of mortgage deal (we defo do) so you're doing right thing x

It will be fine.

The buildings insurance sounds very high however. My contents and buildings are around £180 a year. Mine is a 3 bed house so obviously if yours is a 20 bed one then it will be rather higher!! :)

Yes i think the insurance is a bit high.
I think it is partly because as first time buyers we have don't have a no claims history . That and the fact I did it on the internet at 11.30ish the night before we exchanged. Alas not a 20 bed but will be over the moon if we get this three bedroom.

Thanks everyone for the replies- i really appreciate it. i hope to have a better sleep tonight. shall still drink a fair bit of wine before completion though- is is soooo stressful before i have the keys in my hand x

Wine is good! you will get there! :)

Maybe once you are settled in look at shopping around for the insurance. It still seems very high. Its probably not a high priority I would guess however!

I exchanged last week and had nightmares of building falling down or burning down the moment it was in my ownership so imperative that I sorted out insurance to save my mind! When you have some breathing space check out mse and follow the insurance tips. Buildings and contents insurance for new house which is a 3 bedroom is £169.56 for the year.