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    • CSB678
    • By CSB678 28th Nov 17, 3:44 PM
    • 2Posts
    • 0Thanks
    CSB678
    Advice on offer conditions
    • #1
    • 28th Nov 17, 3:44 PM
    Advice on offer conditions 28th Nov 17 at 3:44 PM
    Hi there,

    I have had my mortgage offer through which specifies that two accounts need to be clear (loan and CC) upon completion.
    My solicitor has stated that only they will need to see proof of this. What are the chances of the bank running another credit check now? if the money was to come from different loan attached to a different bank/bank account than the ones specified on the mortgage offer could they refuse payout if they find it and could the loan re refused as the mortgage offer will show on my credit file?

    thanks
Page 1
    • David White
    • By David White 28th Nov 17, 3:52 PM
    • 863 Posts
    • 378 Thanks
    David White
    • #2
    • 28th Nov 17, 3:52 PM
    • #2
    • 28th Nov 17, 3:52 PM
    You're playing with fire. Using loan funds to clear these debts is a risky move.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • RedFraggle
    • By RedFraggle 29th Nov 17, 8:10 AM
    • 540 Posts
    • 1,257 Thanks
    RedFraggle
    • #3
    • 29th Nov 17, 8:10 AM
    • #3
    • 29th Nov 17, 8:10 AM
    You need to absolutely resolve this before you exchange or you could be in a position where the lender declines funds for completion. It sounds like you can't really afford it.
    Officially in a clique of idiots
    • AnotherJoe
    • By AnotherJoe 29th Nov 17, 8:18 AM
    • 7,677 Posts
    • 8,291 Thanks
    AnotherJoe
    • #4
    • 29th Nov 17, 8:18 AM
    • #4
    • 29th Nov 17, 8:18 AM
    To answer your question,yes they might run a check and yes they could refuse and then you’d be up the proverbial creek.
    • CSB678
    • By CSB678 29th Nov 17, 10:52 AM
    • 2 Posts
    • 0 Thanks
    CSB678
    • #5
    • 29th Nov 17, 10:52 AM
    • #5
    • 29th Nov 17, 10:52 AM
    we will have cash funds from the sale of the house once cleared so the question was really weather or not I could avoid using that and taking money out of the pot for restoration - affordability doesn't really come into it but appreciate your response
    • AnotherJoe
    • By AnotherJoe 29th Nov 17, 1:00 PM
    • 7,677 Posts
    • 8,291 Thanks
    AnotherJoe
    • #6
    • 29th Nov 17, 1:00 PM
    • #6
    • 29th Nov 17, 1:00 PM
    we will have cash funds from the sale of the house once cleared so the question was really weather or not I could avoid using that and taking money out of the pot for restoration - affordability doesn't really come into it but appreciate your response
    Originally posted by CSB678
    In that case you'd be taking a chance for nothing.
    • Amst
    • By Amst 29th Nov 17, 6:28 PM
    • 69 Posts
    • 30 Thanks
    Amst
    • #7
    • 29th Nov 17, 6:28 PM
    • #7
    • 29th Nov 17, 6:28 PM
    Basically, if you fall into any financial difficulties and fall into arrears they would be within their rights to take a zero tolerance approach to helping you i.e no payment holidays, overpayment allowance or reduced payments. After all, how could they trust you agree to a change of terms and stick to them?
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