Final credit checks before completion ?

Kirstyb1987

Arina wrote: »

So you got your mortgage offer after only one credit check since the DIP stage? Was this a soft search on your credit file or a hard check? Very interested to know.

Thanks

Nationwide performs a hard check at DIP stage. After I applied for the DIP a search appeared on my Experian account....I completed 4 weeks ago and nothing else has come up. Just the one of the 21st May.


Although I hasten to add that my mortgage was subject to my current debt being paid off which I did and my solicitor did question this before completion.

Arina

That's really good. That's how all lenders should carry out there DIP's. It can avoid nasty surprises in the long run x

Holgate88

Kirstyb1987 wrote: »

Holgaet88 - I completed 4 weeks ago with Nationwide and no further credit checks were done since DIP.

Thank you Kirstie - That's put my mind at rest. Congratulations on completion, enjoy your new home

Thrugelmir

House.buyer.sarah wrote: »

If they did would a search for utilities make any differnce ?

There's no need to put your life on hold. Utilities are a necessity so common sense does prevail.

House.buyer.sarah

Just an update , we completed end of April and happily in our new home with gas and electric ������������

mikeyscott

I've been wondering this too, closing 2 xHSBC joint accounts and opening a new First Direct account (already bank with them).

Other thoughts, cancelling sky TV etc.

Used credit card for work this week and awaiting expenses

Kirstyb1987

As thruglmir states everyone needs has and electric. I did wait untill completion but I think if you took out £5000 with oak furniture land or a £30k loan to renovate the property before completion, this is what would flag up to the lenders!

To be on the safe side just wait untill completion unless its absolutely necessary

ReformedShopper

Bumping this again with another query - SO, my mortgage offer specifically stated - "You must pay the following commitment in full within 30 days of completion of this mortgage without taking on further borrowing - (goes on to list my credit card balance of £700) Unfortunately, my current credit balance is now £1,800!

This is a mistake by the Credit card company, as I specifically paid £1200 off the balance to ensure my statements would be around the £600 mark until completion. I'm so worried and upset that this is going to scupper my mortgage offer. Can someone please advise? The rest of my credit report and rating is spotless, but I'm worried that a final credit check before completion showing a balance of £1800 could screw me over!

nobodysdriving

ReformedShopper wrote: »

Bumping this again with another query - SO, my mortgage offer specifically stated - "You must pay the following commitment in full within 30 days of completion of this mortgage without taking on further borrowing - (goes on to list my credit card balance of £700) Unfortunately, my current credit balance is now £1,800!

This is a mistake by the Credit card company, as I specifically paid £1200 off the balance to ensure my statements would be around the £600 mark until completion. I'm so worried and upset that this is going to scupper my mortgage offer. Can someone please advise? The rest of my credit report and rating is spotless, but I'm worried that a final credit check before completion showing a balance of £1800 could screw me over!

I would ask the credit card company/bank to send you a letter with your current (up to date) outstanding balance, explain it's for your mortgage etc I did with with all my debts and they all obliged (sent me a letter with details of settled debt or new balance)

thumpertwinkle

Kirstyb1987 wrote: »

Nationwide performs a hard check at DIP stage. After I applied for the DIP a search appeared on my Experian account....I completed 4 weeks ago and nothing else has come up. Just the one of the 21st May.


Although I hasten to add that my mortgage was subject to my current debt being paid off which I did and my solicitor did question this before completion.

Nationwide did one one DIP end of Sept and one on application last week for me. I passed DIP, no change since and failed on application!