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  • FIRST POST
    • hopefulsoph
    • By hopefulsoph 6th Jan 18, 10:27 PM
    • 39Posts
    • 27Thanks
    hopefulsoph
    Worrying about final checks!
    • #1
    • 6th Jan 18, 10:27 PM
    Worrying about final checks! 6th Jan 18 at 10:27 PM
    Ok so have had fab advice/opinions on here before, so hoping I might get some sleep tonight instead of googling the hell out of this!

    Basically we have exchanged contracts on our new property (Friday 5th) and have set an exchange date for a weeks time. Our mortgage is with Halifax, we have satisfied all conditions of the offer including having B&C insurance for exchange.

    My worry is... I opted to pay monthly for insurance (as we always have) and although it does not appear yet on credit report, I now realise that when I renewed my car insurance early December it shows up as a credit commitment, now convinced as with same provider, the home insurance will too and when final checks are made (credit check) the will retract our mortgage offer as it looks like we have taken on another commitment!

    Solicitor told us on Friday that Halifax had faxed confirmation of release of funds for the day before completion, but I'm not sure can put any weight on that!

    So worried...will they credit check again, and if they do will this insurance hurt it, we were close to affordability!

    Pleas help if you can!
Page 1
    • CommitedToChange
    • By CommitedToChange 6th Jan 18, 10:36 PM
    • 1,217 Posts
    • 3,843 Thanks
    CommitedToChange
    • #2
    • 6th Jan 18, 10:36 PM
    • #2
    • 6th Jan 18, 10:36 PM
    Since a lot (all?) of mortgage offers require you to have insurance in place from exchange I doubt they would then cancel the offer for doing what they require.
    Attempting to buy a house
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jan 18, 10:39 PM
    • 5,190 Posts
    • 9,884 Thanks
    enthusiasticsaver
    • #3
    • 6th Jan 18, 10:39 PM
    • #3
    • 6th Jan 18, 10:39 PM
    They won’t retract your offer for an insurance commitment. They probably won’t even credit check again now you have your offer and have exchanged.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • hopefulsoph
    • By hopefulsoph 6th Jan 18, 10:41 PM
    • 39 Posts
    • 27 Thanks
    hopefulsoph
    • #4
    • 6th Jan 18, 10:41 PM
    • #4
    • 6th Jan 18, 10:41 PM
    Thank you for that! My rational head tells me this, but have been reading some horror stories via our friend google! Home buying just gets the better of me! Feels like we're so close to realising our dreams yet so far
    • CommitedToChange
    • By CommitedToChange 6th Jan 18, 10:44 PM
    • 1,217 Posts
    • 3,843 Thanks
    CommitedToChange
    • #5
    • 6th Jan 18, 10:44 PM
    • #5
    • 6th Jan 18, 10:44 PM
    The horror stories will be about people taking out credit cards or loans.

    Not insurance required as a condition by the mortgage company
    Attempting to buy a house
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jan 18, 10:45 PM
    • 5,190 Posts
    • 9,884 Thanks
    enthusiasticsaver
    • #6
    • 6th Jan 18, 10:45 PM
    • #6
    • 6th Jan 18, 10:45 PM
    I would say however you are paying a premium for paying insurance monthly. Better to pay it annually.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • hopefulsoph
    • By hopefulsoph 6th Jan 18, 10:50 PM
    • 39 Posts
    • 27 Thanks
    hopefulsoph
    • #7
    • 6th Jan 18, 10:50 PM
    • #7
    • 6th Jan 18, 10:50 PM
    Yes you are right, I think I was blindsided by the monthly saving on the insurance on our current property/policy, so felt like I was winning!

    The forums have massively helped me over the past year and I really appreciate all the tips and hints!

    Thanks for taking the time to reply!
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