Will my mortgage offer be withdrawn!? please help

bailey2658

My husband and i had our mortgage approved with the Halifax and are due to exchange and complete on Friday as there is no chain at all. We took out some extra credit on our current credit cards a week ago (cash advance to help with moving fees not deposit) and to prevent paying a high interest charge on these we both applied for new balance transfer credit cards - £3000 each - so we can pay if off over a year. At the time we did this we had no idea that the mortgage lender re-did a credit check before completion, i only discovered this yesterday and so now i am absolutely terrified it will all fall through - do lenders always do a final credit check?. I checked my own credit report yesterday and my new credit card hasnt showed up on it yet. The solicitor will request funds from Halifax day before exchange/ completion so this will probably be on thursday. Does anybody know what the likelihood is our mortgage offer will be withdrawn at last minute due to change in credit report? I feel sick worrying myself about this, im supposed to be transferring deposit to solicitor today (£25,000) and im worried if i do and anything goes wrong we will lose this money. Myself and my husband both have excellent credit history, my score with experien yesterday was 975. And halifax had originally offered to lend us up to £306,000 and we are only borrowing £225,000. Any help or advice would be greatly appreciated. Thank you.

Dave_Ham

Stop worrying, worst they will do is factor in the new debt which is still easily affordable.

Do not panic, send your deposit as planned.

bailey2658

Thank you for your reply. It's so stressful waiting for completion, guess it is just a waiting game now.

Dave_Ham

Honestly, you will be fine. It is stressful though, just do not look for things to stress about..

DebtFree2012

bailey2658 wrote: »

My husband and i had our mortgage approved with the Halifax and are due to exchange and complete on Friday as there is no chain at all. We took out some extra credit on our current credit cards a week ago (cash advance to help with moving fees not deposit) and to prevent paying a high interest charge on these we both applied for new balance transfer credit cards - £3000 each - so we can pay if off over a year. At the time we did this we had no idea that the mortgage lender re-did a credit check before completion, i only discovered this yesterday and so now i am absolutely terrified it will all fall through - do lenders always do a final credit check?. I checked my own credit report yesterday and my new credit card hasnt showed up on it yet. The solicitor will request funds from Halifax day before exchange/ completion so this will probably be on thursday. Does anybody know what the likelihood is our mortgage offer will be withdrawn at last minute due to change in credit report? I feel sick worrying myself about this, im supposed to be transferring deposit to solicitor today (£25,000) and im worried if i do and anything goes wrong we will lose this money. Myself and my husband both have excellent credit history, my score with experien yesterday was 975. And halifax had originally offered to lend us up to £306,000 and we are only borrowing £225,000. Any help or advice would be greatly appreciated. Thank you.

So they do 2 credit checks on you? That's a bit unfair? I know nothing in this area though

Good luck to you and don't forget to report back

bailey2658

DebtFree2012 wrote: »

So they do 2 credit checks on you? That's a bit unfair? I know nothing in this area though

Good luck to you and don't forget to report back

I know i just never realised we would be credit checked again. I have looked at my Experian report today and it is showing that my new credit card application did a search on 18th September, and for some reason my new mortgage lender (Halifax) did another credit check on me on the 21st September, therefore the mortgage lender must have seen the credit card application search. I havent heard anything more from lender yet. Do you think this is something to worry about? Im so nervous about mortgage being withdrawn at last minute......I have no fingernails left at the moment!

DebtFree2012

Have you spent on the card and what's the limit? I don't think you have anything to worry about though

x

Simon_gloster

Possibly the silliest thing to do. They would have offered you mortgage subject to no changes in your circumstances. You have applied for more credit. If it goes through should your income be fine then learn from this.

If halifax recall the offer or funds post completion you know who to blame!!!

bailey2658

Simon_gloster wrote: »

Possibly the silliest thing to do. They would have offered you mortgage subject to no changes in your circumstances. You have applied for more credit. If it goes through should your income be fine then learn from this.

If halifax recall the offer or funds post completion you know who to blame!!!

How can they recall the funds post completion?? I have just been informed by my solicitor that Halifax have released the mortgage advance to them so surely that means they are happy with everything.
Also I didnt really come on here for a lecture thank you but advice. Dont think your response was really necessary as it was neither constructive nor helpful.

bailey2658

DebtFree2012 wrote: »

Have you spent on the card and what's the limit? I don't think you have anything to worry about though

x

No haven't spent on the card yet in fact its not even showing on my credit report yet as an account, only the application search is showing. My solicitor is now in receipt of the mortgage advance and so I am hoping that this means exchange and completion will go ahead tomorrow as planned. Thanks

harvey115

The solicitors I would imgine would be working on behlaf of yourself as well as on behalf o the lender (in most cases). So the money is secure with the solicitor and can be called back if the amount is still in solicitor's accounts. However I do not imagine the lender doing any further checks after the amount has been sent to the solicitors.

Once it has been transfered to the vendor, its all gone and done.