Mortgage application accepted, will there be an further credit searches?

Mavis_Mavoid

Hi everyone

Does anybody actually know as opposed to guessing and is prepared to comment on the Halifax's black art criteria for doing credit searches?

Had a mortgage application accepted by the halifax . They have sent an offer but we need an updated one as the purchase price has changed.

Been through all their credit checks affordability, and searches etc with no problems. Got an A+ rating from them. Can see them on line done at the end of February.

Since the original check a small "issue" has arisen on my file. It is a genuine mistake and I can deal with it and resolve it successfully but it will take time to sort out and the file to be updated. I dont want to jeapordise the mortgage application, however we are being pushed to complete asap. If their computer picks it up it will almost certainly say no.

Will there be any more searches before

a) actually issuing the mortgage offer?

b) releasing the funds?

Will they definatly do another search, possibly do another search if they feel like it or will it all be signed off and sealed at this stage?

Any body who actually knows prepared to comment please??

VIGILANT22

"a small "issue" has arisen on my file..........which is??

Mavis_Mavoid

CCJ last week which I should not have had and has been entered by default

My solicitor has been dealing with it but missed the court deadlines. Judgement was entered against me by default.
I have since sacked my solicitor

I could pay it off in full within the 28 days and it will go away but I dont owe the money and it is for a substantial amount, or I can apply to get it set aside.

Both these options take time which I havnt got because of the critical nature of the house purchase. The CCJ is showing on my previously perfect file.

VIGILANT22

Quote: Does anybody actually know as opposed to guessing...For an accurate answer you would need to speak to Halifax... opposed to a public forum

Is is likely they would further credit check you.....but is it actually appearing on your credit file yet as this doesn't appear immediately, as credit files have to be updated.......

Mavis_Mavoid

I can check online with experian and equifax. It is showing on both.

I dont feel I can risk asking the halifax directly in the present economic climate. They are at best secretive about their credit scoring systems

VIGILANT22

Quote: They are at best secretive about their credit scoring systems???

Not quite sure what you mean

Mavis_Mavoid

well if its not such a dark secret please point me to a place that will explain what they do and when they do it properly.

Vigilant 22 I think you know exactly what I mean.

I have posted a straightforward question with sufficient details to get a (hopefully) straightforward answer. i do not wish to get into a distractive conversation about the ups and downs of the credit scoring system.

in this particular situation it has failed and I am loking for some constructive advice about what to do about it.

Thank you

VIGILANT22

I don't know "exactly" what you mean .....otherwise I would not have asked..as for pointing you to a place....only Halifax will be able to give you the answer you want as this is personal to you...as I first stated.....You have stated "It is a genuine mistake and I can deal with it"....You have to present your case to Halifax and convince them of that....

happybroker

to be fair Vig is giving you your answer, it is likely they will credit check you as per post number 4.

Halifax aren't secretive at all about their credit scoring, no more so than any one else at any rate.

Wutang_2

Mavis_Mavoid wrote: »

in this particular situation it has failed and I am loking for some constructive advice about what to do about it.

Its the sub-prime market which caused the credit crunch and the way this is going - you may ignite another.

dannyb123_2

They will re credit check you, cant you just put extra money down and accept this mortgage offer ? I dont think they would check you again (On completion etc). But to change amounts and re apply they would decline for the CCJ