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paranoia about excessive credit searches
jabba21
Posts: 26 Forumite
We are days away from exchanging contracts and have our FTB mortgage offer from the Yorkshire BS, all funds in place etc. Why am I worried?
We were credit checked by them late Nov13, all good. However, in the interim (20th Jan 14) we had low valuation on our purchase and were credit checked by another lender with a view to getting another survey done. Nothing came of this, we even told YBS what we did and why and they said one search should not be a problem. We now have another house, all surveyed and good to go.
I have just had up to date £2 statutory reports for us both (in case bogus accounts being set up - I told you i was paranoid!) on both of our files and there are TWO searches by Natwest/Mbl/tpi/Countrywide on the SAME date on each of our files (i.e, total of FOUR searches). As we are borrowing close to our maximum I am worried that the extra searches could nudge us below the lenders criteria when they do a final check before release of funds (i.e, after exchange).
I know it is rare for lenders to pull a mortgage after exchange but it does happen. Thoughts please (apart from "don't be paranoid") - thanks.
We were credit checked by them late Nov13, all good. However, in the interim (20th Jan 14) we had low valuation on our purchase and were credit checked by another lender with a view to getting another survey done. Nothing came of this, we even told YBS what we did and why and they said one search should not be a problem. We now have another house, all surveyed and good to go.
I have just had up to date £2 statutory reports for us both (in case bogus accounts being set up - I told you i was paranoid!) on both of our files and there are TWO searches by Natwest/Mbl/tpi/Countrywide on the SAME date on each of our files (i.e, total of FOUR searches). As we are borrowing close to our maximum I am worried that the extra searches could nudge us below the lenders criteria when they do a final check before release of funds (i.e, after exchange).
I know it is rare for lenders to pull a mortgage after exchange but it does happen. Thoughts please (apart from "don't be paranoid") - thanks.
0
Comments
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why would they do a final check before release of funds? They have already performed a credit check which you passed, else they wouldn't have approved your mortgage right?
Perhaps it would be worth checking your Experian report for free to put your mind at rest? Would they check your employment? Has your circumstances changed i.e lost job, taken extra credit out etc?0 -
Some lenders do a last check (in case you went on a mad credit card binge before moving in).0
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