Delay between mortgage offer and completion -will mortgage company do a credit search

xray8393

I am (hopefully) about to complete on a transfer of equity between myself and housemate.

I received the mortgage offer on Sept 2nd but due to my housemate we only finalised how much equity was involved in December. The solicitor is about to draw down the mortgage and everything should be completed the week beginning Jan 23rd.

I am concerned however as when I applied for the mortgage I had a very small credit card balance. However I have had to add £4000 to the balance in order to raise the total equity to give to my housemate.

Are the Woolwich likely to do another creidit search before completion? Should I contact the bank and explain? The mortgage is for approx 1.75 x my salary (but it is a shared ownership property). I intend to pay off my credit card in the next 2 months also as I have done enough overtime to pay the equity.

BoGoF

Quite possibly given the delay from the original offer and if they don't like what they see your offer could be withdrawn.