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Do lenders continue to make checks after mortgage offer has been recieved?

misstee1980
misstee1980 Posts: 1 Newbie
edited 2 September 2012 at 12:12AM in House buying, renting & selling
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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I have also heard of lenders withdrawing offer after exchange of contracts, is this normal?

    thanks

    Not normal. However spot checks are conducted and if adverse data is detected then the offer may be withdrawn.
  • Lavendyr
    Lavendyr Posts: 2,604 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Can anyone advise if lenders continue to make checks on you, ie, credit files or calling employers once they have given you a mortgage offer?
    Probably depends on the lender, but if they haven't checked all of this stuff out before issuing the offer, they're being a bit sloppy!

    Your solicitor will (at least, should) run a bankruptcy check on you and anyone else on the mortgage between exchange and completion, though.
    I have also heard of lenders withdrawing offer after exchange of contracts, is this normal?
    Yes, very unusual. You do see a few on here, but think of the thousands of people completing on houses every year and the handful of issues that arise. It's not impossible, but it's fairly improbable if everything has been done correctly.
  • My mortgage offer states that I must clear my credit card balance of £100 (yes one hundred pounds!!) before completion. Very picky. Others on these forums have advised not to take on any credit before completion so the car purchase will be out off until move in day!
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