Storage before exchange of contracts?

[NIsense]

Hello.
I'm selling a house to buy another. Middle of 3 person chain. I have a mortgage offer in place for the new house. Due to removals people being extremely busy this next couple of months, I am considering taking out storage before exchange for my house contents, then collecting it later. Question is: will that affect my mortgage offer after exchange? I am wondering if the bank might start looking at this new expense in an unfavourable way. I know I can afford the extra short term cost, and its cash in hand monthly.

Nope. Once you have your mortgage offer, it stands. I'm guessing if there were some material thing that would prevent you being able to make the payments (like losing your job) then it would be an issue but other than that no.

Why will the bank check your outgoings again? Are you not as far along the process as you say?

I believe it could if they did a credit check/was a new line of credit. But if it's just a debit payment you should be okay.

@rattlemehearties

Why will the bank check your outgoings again? Are you not as far along the process as you say?

I believe its something to do with the likelihood of you failing to make your future mortgage payments

They don’t ask for bank statements again after you have your written offer, so will have no idea you are paying for storage.

@InescapableDeath

I believe it could if they did a credit check/was a new line of credit. But if it's just a debit payment you should be okay.

It's a monthly payment in cash

So this cost will disappear when the mortgage starts? If so, that shouldn't be a problem - your expenses at that point will be as you declared when they decided you could afford it.

@PowerslidePanda

So this cost will disappear when the mortgage starts? If so, that shouldn't be a problem - your expenses at that point will be as you declared when they decided you could afford it.

Yes and no, that cost will disappear no more than a month after I move in