Deposit / solicitors fees shortfall

Nicolawb007

Need some advice / help please.
We have had a mortgage offer from nationwide. We have the 10% deposit but the fees and stamp duty were being gifted to us by my in laws. The n laws have nw retracted that offer!
So we are left with a roughly 10k shortfall.
My question is now we have the mortgage offer will further credit check be done? Or could be balance transfer part of this without telling nationwide? Or will they see this before completion and retract the offer?
Don't know if you will need the figures, but the house costs 300k we have 30k savings. Stamp duty 9k and fees 1.5kish. Have a 4k overdraft I was thinking of using till its all gone through so roughly 6k short?

Nicolawb007

Or how long do the credit reports take to update? As will it show up that quickly? Know this is not the best way to go about things but we really can't lose this house! X

kingstreet

A routine audit can be carried out at any time upto completion. Further credit checks can be done, so we advise any purchaser not to apply for any further credit between application and completion.

Nicolawb007

We already have the credit cards so wouldn't be applying, just using the credit facilities we already have? X

Nicolawb007

Also we had 17k on credit card we have recently cleared. But as it was only in the last 6 weeks we were advised to declare it on application and include it would be cleared on or before completion. I've had known about this shortfall we would not have cleared all this off.

GMS

Nicolawb007 wrote: »

Also we had 17k on credit card we have recently cleared. But as it was only in the last 6 weeks we were advised to declare it on application and include it would be cleared on or before completion. I've had known about this shortfall we would not have cleared all this off.

So you have done what was agreed with the lender as part of the application, i.e cleared it. Using it again would mean case needs to be underwritten again. Why was it to be cleared? For affordability reasons?

TrickyDicky101

If your mortgage offer was withdrawn between exchange and completion you would be in a mountain of trouble as you would still be legally obliged to complete. The consequences of being unable to complete would be extremely significant.

Nicolawb007

Ok so it's a big no then!

Nicolawb007

What's the likely hood of them checking?

kingstreet

We can't speculate on the chances of you being found out.

It's a risk only you can decide to take. As pointed out, a withdrawn mortgage offer after exchange is going to be very difficult for you.

Nicolawb007

Ok done another of the how much can we borrow calculators and we can still borrow over hat we need if we declare a 10k credit card. Now we have the offer can this application be littered or would a new application be needed? If a new application would it cancel the existing offer? X