Mortgage Offer - Other Conditions

Goldiegirl

It looks as if your broker as ticked boxes against various credit commitments to say that they will be repaid at or before completion.

You'll need to check with the broker to see which commitments he said would be repaid.

If these commitments aren't going to be repaid, then the application would strictly speaking have to be re-assessed for affordibility.

In practice, it is unlikely that Halifax will check to see if the commitments are repaid .... but then again they might.

To be 100% safe you'd need to clear the commitments that the broker specified.

Jerm123

Yeah checking with MA as I never agreed to pay anything back in full. However I did ensure that along with Mortgage I can continue to pay back my existing loan.

btw what does "some or all" mean. I continue to pay some of the loan every month. Does that qualify

RatgirlK

I'm in the EXACT same position and have just posted about it!

Twinkle1977

The guy that posted here saying that he used to work at Halifax 3 years ago - my mortgage offer says the same wording and i'm losing sleep over it.

I won't be paying off all my credit commitments but I have paid off most of them - the remainder will be paid a couple of months after I complete.

So my status is that my mortgage is approved awaiting completion date from conveyancer. Is there anything that Halifax now do to the mortgage offer, or is it a done deal, waiting for the Solicitors to do their bit?

I'm new to buying houses..... and am so worried about losing it

chong168

I was in the same position last month worried to death about the condition. Completion day arrived and my solicitor received all the funds from Halifax without further checks.

I had some cc balances that were on a 0% BT deal which expires in mid 2014 so it was better deal for me to keep them there anyway. But I didn't apply for additional credit or increase my balances between when the mortgage was applied and offered.

Dave_Ham

It all depends what your broker/advisor has told Halifax you are repaying. This condition is standard, although the details within are not.

If you had £10,000 outstanding on credit cards, the condition would be the same if you were repaying £500 prior to completion or £10,000 prior to completion.

Your affordability would have been assessed by Halifax based upon what will be repaid and therefore it needs to be accurate.

Twinkle1977

So, reading up about it - it appears that the condition is put in as standard wording, based on what the broker has ticked on the application but once the mortgage has been approved, the company doesn't appear to make any further checks that this condition has been fulfilled?

I can't help but worry.

NewBe

Twinkle1977 wrote: »

So, reading up about it - it appears that the condition is put in as standard wording.

I can't help but worry.

No need to worry, just ask your Solicitor.

I had a similar 'condition' on my Halifax offer and spoke about it with my Solicitor, who advised that they had never been asked by Halifax to verify this, so not to worry.

My purchase completed without any problems, and I still had all the debt referred to in the 'conditions'.

As long as you're still servicing all your debts, it should be fine.

Simon_gloster

I don't see the confusion here.

People either say debt is to be repaid or not. If you say yes ti clearing then dont, the mechanics of the app change and need reassessing.

The solicitor plays a big part here, the better ones will act diligently to make sure the debts are paid.

People think Halifax or mist lenders systems don't talk to xperiann/exquifax!

Paully232000

I am sure that they cant check them all to make sure conditions are met, but I certainly wouldn't want to be the 1 in 100, 1 in 1000, 1 in 10,000 that they did actually check, deemed you hadn't fulfilled your conditions and then decided not to lend or ask for their mortgage money back (not sure how though).

We had that as a condition to pay CC debt and did it within a week of them asking. Should have paid it off earlier but thats another story.