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Mortgage condition question
joolesw1972
Posts: 632 Forumite
On our mortgage offer there is a condition that our credit card is paid off by 30 days after the mortgage - this is fine, we have already cleared the balance but I just have a couple of questions 1) how do they check? Do they do a credit check or will they ask for proof? 2) does this mean that we shouldn't use the card at all until 30 days after we get the mortgage? (Collect the keys 1 week today!)
And not that it matters to us because we've done it but what would happen if you didn't? Just curious!
And not that it matters to us because we've done it but what would happen if you didn't? Just curious!
"Normal is not something to aspire to - it is something to get away from" - Jodie Foster
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Probably nothing.I am a Mortgage AdviserYou 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.0
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We had condition on our mortgage to pay off car loan, which we did but my solicitor wanted proof of this before completion x0
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If you get a statement with £0.00 balance you can post/email if they ask.0
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Glad you asked this question. I had £80 outstanding on my credit card and this was on my mortgage offer as a condition which I paid off straight away but was unsure on how they check ect?0
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Theoretically if you break the condition on which the mortgage is granted on, my understanding is that the provider has the right to call the loan in and/or repossess the property as a result.
Probably wise not to not use the CC during that time just in case."If you will change, everything will change for you." - Jim Rohn
I simply use these forums to share my knowledge, reinforce my learning and experience as an IFA. Please remember, if your circumstances are complex, speak with your local IFA from Unbiased or VouchedFor directories for regulated financial advice.0 -
There was one time when I got troubled regarding this, and they told me for identification of credit cards.0
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I've been asked to provide a 'statement of intent' before. Which basically just meant a letter signed by me, saying I was paying something off. They wouldn't give me a mortgage without it.
Edit...I just checked and it was actually a 'letter of undertaking'..0 -
RickyC_IFSWP wrote: »Theoretically if you break the condition on which the mortgage is granted on, my understanding is that the provider has the right to call the loan in and/or repossess the property as a result.
Probably wise not to not use the CC during that time just in case.
It seems odd though - why wouldn't they say before the mortgage and then if you didn't meet the condition they wouldn't give you the mortgage, rather than 30 days after, I'm not going to use it just in case!"Normal is not something to aspire to - it is something to get away from" - Jodie Foster0 -
The solicitor hasn't asked for anything yet, mind you they've been a bit slack so far!"Normal is not something to aspire to - it is something to get away from" - Jodie Foster0
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