Final credit checks before completion ?

ReformedShopper

nobodysdriving wrote: »

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)

That's a great idea, nobody's driving! Thanks!

nobodysdriving

ReformedShopper wrote: »

That's a great idea, nobody's driving! Thanks!

yes I then forwarded these letters to my mortgage advisor to pass onto the mortgage lender, that was good enough for them

ri17

I hope they don't as I took out a new phone contract as my old one ended and also swapped my credit card to another 0%!!

ReformedShopper

nobodysdriving wrote: »

yes I then forwarded these letters to my mortgage advisor to pass onto the mortgage lender, that was good enough for them

Aah ok. Did you wait until it was flagged up as an issue. Or did you just forward the letter to the advisor as a pro-active step? I've already been in touch with my credit card company, and they are going to send me a letter (5 working days) but I'm wondering if i should just hold unto the letter, and only produce it if I'm one of those unlucky ones who has a final credit check performed...

nobodysdriving

ReformedShopper wrote: »

Aah ok. Did you wait until it was flagged up as an issue. Or did you just forward the letter to the advisor as a pro-active step? I've already been in touch with my credit card company, and they are going to send me a letter (5 working days) but I'm wondering if i should just hold unto the letter, and only produce it if I'm one of those unlucky ones who has a final credit check performed...

I was proactive and gave it all to my advisor as he did say that I would have to 'get rid' of the debts before I would be eligible for the amount I wanted to borrow, so I paid them off and then forwarded the letters as the credit file can take ages to update.

if your letter is an advantage (ie it shows you REDUCED your debt) then why keep it/hide it? or do they not know about this debt? (sorry forgot what you said earlier in thread)

ReformedShopper

They know about £700, which was already factored in their decision to offer me a mortgage (with the condition I paid it off within 30 days of house purchase and "took on no further borrowing").

It's not that I want to hide the letter per se, but I'm wondering if there's a point of producing the letter when not asked for it, especially if they don't final credit check me before I complete.

It's the "no further borrowing bit" that's causing the panic right now...

nobodysdriving

I read your earlier post, you say that you paid £1200 and now your outstanding balance should be £600.

If I were you I'd tell the story to my mortgage advisor (do you have one?) and tell him just like you told me, to leave it or tell them?

kingstreet

ReformedShopper wrote: »

They know about £700, which was already factored in their decision to offer me a mortgage (with the condition I paid it off within 30 days of house purchase and "took on no further borrowing").

It's not that I want to hide the letter per se, but I'm wondering if there's a point of producing the letter when not asked for it, especially if they don't final credit check me before I complete.

It's the "no further borrowing bit" that's causing the panic right now...

It simply means you can't borrow from elsewhere to reduce the card debt.

If you agreed to pay off £700, all you need to pay off is £700.

You do not need to worry any further about this, or obtain any letters. Simply pay off the £700 as agreed and retain the statements showing this as evidence should it ever be requested.