Thank You to All

MajorTom_2

Hi all,

Just to say a big thank you to all the help and advise I have recieved over the last couple of months on the forums.

I will be completing on my first house purchase tomorrow, the mortgage money is with the solicitor and being just me (and other half) buying from one person and no one else in a chain all is looking good.

I'm sure this won't be my last posting here but just to say thanks for everything so far!!!

MT

susieh_2

Congratulations.... hope you'll be sooooo happy.


Susieh x

_Andy_

Great news - hope the move goes well congrats

Yorkie1

Well done and good luck for the move

MajorTom_2

Cheers guys,

Strangest thing I noticed today though. We exchanged contracts over 3 months ago and completed yesterday, The OT and me both got a new credit report yesterday from Equifax and no credit check was done before releasing the funds?
Now this wasn't no small mortgage either (£280k 90% LTV), after everything of keeping eye on things and making sure our credit reports wern't touched for months looks like they didn't bother to see if we had gone bankrupt in that time! So much for responsible lending now!!!

Not that I'm complaining in my case of course!!

Cheers,

MT

Thrugelmir

MajorTom wrote: »

Cheers guys,

Strangest thing I noticed today though. We exchanged contracts over 3 months ago and completed yesterday, The OT and me both got a new credit report yesterday from Equifax and no credit check was done before releasing the funds?
Now this wasn't no small mortgage either (£280k 90% LTV), after everything of keeping eye on things and making sure our credit reports wern't touched for months looks like they didn't bother to see if we had gone bankrupt in that time! So much for responsible lending now!!!

Not that I'm complaining in my case of course!!

Cheers,

MT

There are more ways of skinning a cat. There are many sources of credit data.

Remember the onus is on the borrower to advise of change of circumstances not the lender to find it. Therefore its the borrower that is in breach of contract, and any legal action would be nigh impossible to defend.

MajorTom_2

I agree and they did 2 seperate checks at time of AIP etc and they only used Equifax, I have subscriptions to all 3 credit agencies so unless they used someone no one knows about then where would they have checked?

With some of the stories I've read regarding last minute credit checks and release of mortgage funds (hence why I made sure my credit file never changed for the worst) looks like they didn't check to me.

opinions4u

A lender will collect bankruptcy data from The London Gazette.

They can easily cross-reference this against mortgages pre-completion.

Thrugelmir

National Hunter and CIFAS are two other sources.