Repay credit

launcarl

Hi all newbie here but cant find info anywhere on here basically we got our formal offer today for our mortgage through halifax set for completion on 29th june only problem is we are supposed to pay a loan off as part of affordability but the funds arn`t gonna be there for it till a few weeks after completion will the mortgage offer not go through on completion? any help appreciated
my offer states you have declared an intention to repay some or all of your outstanding credit commitments

harvey115

Does your offer also mentioned that the loan needs to be paid off before the completion date (29th)?

launcarl

no no specific mention of any loans or credit cards I have cleared all cards just the loan left does this mean I should be fine thankyou for the reply:cool:

Dave_Ham

If they want you to repay any debt they will specify in the latter stages of the mortgage offer. It will be implicit.

Do check with your solicitor though as they have a slightly different offer and it may specify in there..

This was a bold move, by the way...

launcarl

bold move?? how would they know if i have paid it or not?

ACG

It could be a condition of the mortgage - so it may be they want to see proof before completion or they may ask the solicitor to pay off the other debt witht he funds - leaving you short.

MiniSis

My Halifax offer says this too... I have a £3k credit card which I'm not paying off (as paid off all the rest and kept enough for 15% deposit) my broker knows this. So I'm think I need to talk to him about it.

Last thing I need or want is the offer being pulled because of something I didn't even say I'd do!! Again in my offer it only says intention to pay some or all, no mention of what and by when.