Does lender see the same credit file as me (online) ?

GeekDom

I had an AIP for a mortgage from the Halifax last week, and had an offer accepted this week, and instructed the survey/valuation.

A month before the AIP application, I decided to reduce balances and close some credit cards. This involved transferring balances between two cards, closing one down, and paying down the transferred balance.

I have just noticed that both equifax and experian show balances from previous statements, and not the actual 'live' balances.

So, when I did my AIP last week my total card balances were showing at 5k, but they now show as 5k on one card, even though it is actually now under 1k. I expect this will be updated next month. The other card is shown as settled, so it has increased my 'used credit' percentage.

But when the Halifax carries out a full search after valuation, will this cause any problems?

Thanks.

kingstreet

If you think the balance has not yet been updated, enter the balance outstanding and confirm the amount "will be repaid on, or before completion."

You do not have to have the balance at the required level when you apply.

GeekDom

Thanks Kingstreet.

When I did the AIP the advisor said the existing debts had been accounted for in their offer, so I did not have to pay them off before exchange/completion.

The full application has been made, and a survey booked. I was just worried that my reports show a higher level of debt to available credit, when actually it is now much lower. This will come up in any final credit search in the next few weeks.

kingstreet

Unless your case gets pulled for a routine audit, one in twelve are, there won't be another search.

GeekDom

kingstreet wrote: »

Unless your case gets pulled for a routine audit, one in twelve are, there won't be another search.

If this does happen, would it just be a case of sending up-to-date card statements showing the actual balances?

kingstreet

If they ask, yes. Random audit usually results in requests for update status docs already supplied earlier on in the process and can include things which have changed since the application.

Shouldn't be anything to worry about.