Mortgage offer?

neil_999

Hi everyone,

This one is concerning me a little...

Myself and my wife are in the process of purchasing a house. I have pretty poor credit, an experian score of 803 and (2 defaults paid off a few years ago and a few late payments from the same time). My wife has a good credit score of 941.

Our financial advisor told us our mortgage would be with Nationwide - they have done a credit check. However, we have had a valuation and a mortgage offer through the post from Halifax. They have only done a "mortgage quotation" and "unrecorded enquiry" on my credit file.

So my question is, surely once you have had a valuation and a final mortgage offer it is certain (unless you buy a £50k car on credit) that you are getting the mortgage - but how can they do this without doing a credit check? And surely if they wait till they are due to release the funds to do the check, and it gets declined...we loose our deposit?

Sorry to rattle on, but I'm a little confused and nervous about this one!!



Thanks.

Building_Surveyor

Nothing is certain til completion when the keys are in your hand. A mortgage offer can be retracted at any point. But providing everything has been declared, the progress so far looks positive.

neil_999

Yeah that's what I keep telling my dear wife - the very same phrase in fact!

Our solicitors and financial advisor assure me everything is fine, they have the full offer (as do i) and we'll be exchanging "soon". It just seems a bit odd to me.

javorb

the nationwide are a nightmare ,we had mortgage approved subject to valuation ,this came in higher than we thought they then pulled mortgage as the decided not to take tax credit as income ,the underwriters appproved tax credit bas income before valuation ,is this a case of lenders not wanting to lend ,nothing is 100% until you receive mortgage offer ,basically it can be withdrawn at any time without reason!

Dave_Ham

You will be fine, do not worry about the credit report status.

Unless there is fictional information declared, or as you say a new 4x4 arrives on the drive; this will be fine.

Mortgage offer is mortgage offer, try not to worry (or let the Wife worry)

All the best

Thrugelmir

neil_999 wrote: »

Our financial advisor told us our mortgage would be with Nationwide - they have done a credit check. However, we have had a valuation and a mortgage offer through the post from Halifax.

Have you completed the full application form?

neil_999

I haven't filled out anything, the FA has done all that. Have provided ID and proof of income and all that.

Dave - thank you, much appreciated

Building_Surveyor

I recently took a mortgage out with nationwide. And 2 searches should appear on your report. A 'generic id check' and a 'first mortgage' check - or something along them lines. are you saying this isn't the case?

mossy

From what you've written it sounds like you have had a mortgage offer from the Halifax and they have done the valuation on the property. Like someone else said, nothing is certain until the keys are in your hands. However it sounds good if they've given you an offer and then done the valuation.

We are in the process of buying a house, should get our mortgage offer through from Barclays tomorrow. So I understand the slightly anxious feeling you can get, but I really don't think you have anything to worry about.

BTW we originally had a financial adviser who recommended the Nationwide as the best bet. However, he couldn't get a good deal from them or other lenders and we managed to get a good deal directly from our bank in the end. So it could be your FA couldn't get a good deal with Nationwide and so then approached the Halifax instead.

neil_999

^^^ Spot on! Financial advisor has just said he found a better deal with Halifax and so abandoned the Nationwide idea, which explains the first bit!

And the solicitor has confirmed they have the offer from Halifax, so it should all be fine...

mossy

Bless ya, that's good news. Hope you both feel a little less anxious about it now.