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Mortgage Offer and Change of Credit Rating...
redtootsy123
Posts: 2 Newbie
Hi All,
Please can someone shed any light on the below...
I have been approved for a part buy mortgage with the Halifax...the property completion date is October...will the Halifax re-run my credit check in the last days before the transfer takes place?
In a bid to cut paying interest I applied for 2 credit cards over the weekend, 1 was declined and 1 has been approved. However these searches have knocked my credit report from 'fair' to 'poor'! I'm now really worried that the Halifax will do another search nearer the entry date and won't actually give me the mortgage.
Also I was under the impression that you can make 2 credit application searches in 6 months without it affecting a credit rating?
Please can someone shed any light on the below...
I have been approved for a part buy mortgage with the Halifax...the property completion date is October...will the Halifax re-run my credit check in the last days before the transfer takes place?
In a bid to cut paying interest I applied for 2 credit cards over the weekend, 1 was declined and 1 has been approved. However these searches have knocked my credit report from 'fair' to 'poor'! I'm now really worried that the Halifax will do another search nearer the entry date and won't actually give me the mortgage.
Also I was under the impression that you can make 2 credit application searches in 6 months without it affecting a credit rating?
0
Comments
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How many have the halifax done on you so far? plus the card ones, also is the new account showing up yet?
It's not ideal applying for credit when you are in the middle of a mortgage application.0 -
Halifax have done 3, but they show as 'unrecorded enquiry' which according to what I've read from Experian that shouldn't affect my report - hence why I thought I was safe enough to try a balance transfer? New the new account is not showing yet. However what does appear on my credit report is the Bank of Scotland 'mortgage quotation' this appears 5 times...I was assuming that it was the same thing as Halifax/Bank of Scotland are the same? No?0
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You are advised not to apply for any new credit between mortgage application and completion.
Halifax routinely audits 1 in 12 of its cases and this can take place just before completion. A new credit search can be done and new status enquiries conducted.
This may jeopardise your mortgage offer, if the credit score of your data falls below an acceptable level to them.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »You are advised not to apply for any new credit between mortgage application and completion.
Halifax routinely audits 1 in 12 of its cases and this can take place just before completion. A new credit search can be done and new status enquiries conducted.
This may jeopardise your mortgage offer, if the credit score of your data falls below an acceptable level to them.
Hi kingstreet, I hope you could help, does HSBC do the 2nd credit check as well? Thanks0 -
No idea.
Not a broker lender, so we get no experience.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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