Rolling credit checks

Too_Hairy_Husky

We signed our mortgage deed on Tuesday... finally!!!

But there was a note on the bottom of it saying that - and I quote - "lenders are conducting rolling credit checks and can refuse to issue a mortgage if your circumstances change, even after exchange of contracts"

:eek:

Now, our circumstances have not changed - I was on Experian faster than you can say boo! Both numbers exactly the same for Husband and myself - but I am now somewhat pooping myself!!!!!

We broke the chain and moved in to rented to let the sale of our old house go through and were hoping to hear something about an exchange date this week.

The mortgage is with the Woolwich and was arranged through London & Country.

Please help...!!!

Thrugelmir

Too_Hairy_Husky wrote: »

Now, our circumstances have not changed - I was on Experian faster than you can say boo!

So why the concern?

Have you taken out a loan or other credit agreement since receiving your mortgage offer?

Too_Hairy_Husky

No - nothing - I just thought it was an odd thing to put! Sort of a threatening thing.

It took us a while to find the mortgage due to Husband being 50 and self employed and the thought of loosing at this late stage - along with the house of our dreams - just put me in to a flat spin!

Sorry - I guess I'm just one of life's natural panickers!

kingstreet

Standing advice is not to apply for any new credit from the point of making an application until after completion takes place.

Lenders can, and do, carry out routine audits right up to completion and any material change to your circumstances can see them requesting further information, or at worst, withdrawing your mortgage offer.

We've seen one or two cases on here where offers were withdrawn between exchange and completion.

... and stop paying for those daft numbers the CRAs flog you and call a credit score. Lenders don't take them, they calculate their own from the data supplied instead. Search for the "999 and declined" thread if you want to know more...

droiderm

Just to add credence to the 999 thing. I have had a bankruptcy, and defaults drop off my file lately, and the "score" actually went down...

kingstreet

You can have a 999 score and have no job.

A bit extreme an example, I know, but it does sum it up!

Dan-Dan

cant find said thread , wanted to have a read...

kingstreet

Blimey. I haven't seen it for a while. It's a long-running and lengthy thread.

I have to go out now. I'll search it out later.

Thrugelmir

Too_Hairy_Husky wrote: »

No - nothing - I just thought it was an odd thing to put! Sort of a threatening thing.

It took us a while to find the mortgage due to Husband being 50 and self employed and the thought of loosing at this late stage - along with the house of our dreams - just put me in to a flat spin!

Sorry - I guess I'm just one of life's natural panickers!

Illustrates that other people do.........

Lenders are fully aware of all the tricks.

Though the same games get played by the next generation who think that they've reinvented the wheel.

Too_Hairy_Husky

Thrugelmir wrote: »

Illustrates that other people do.........

You mean some people get a mortgage promise and then go an rack up a massive debt elsewhere? Wow - that's brave... or stupid!

I spoke to the nice lady at London & Country last night who said it was mainly aimed at people who had a change in circumstances (eg lost their job or had a change in income) and that we should be fine.

Still worried - but I guess that's just what I do!!!

kingstreet

Dan-Dan wrote: »

cant find said thread , wanted to have a read...

Here's one of them. There are others;-

https://forums.moneysavingexpert.com/discussion/3158508