Credit check on completion

Idiophreak

Hi All,

Buying a new property, had the valuer out yesterday, so hoping to have an offer today or tomorrow - looking to complete next week, all going well.

My question, really, is as the title: Will they carry out a credit check on completion, or can we be pretty confident we're in once they offer the mortgage?

Need to start getting phone, broadband etc sorted...and buying some furniture etc, but obviously don't want to do have credit checks done, or increase our CC balances etc, until the lender (Nationwide) are done with our credit file...

thanks in advance!

Wozza85

Apparently its been known for some to do it near completion but most don't. I went with Santander and they only credit checked us once at the very beginning.

FTB129

I had a 2nd credit check between exchange and completion, my broker said to hold of using credit cards etc just in case as this is becoming more frequent - and turned how he was right!

amnblog

Some lenders check throughout - do not go on a spending spree on credit cards prior to completion.

If it needs to go on a credit card it can wait.

Idiophreak

Thanks all. I'm hoping it's relatively unlikely, as the whole thing's been done very quickly, so I don't know if they'd think too much would change in a couple of weeks...

Not looking to go bananas, anyway. Like I said, it's mainly the broadband thing...I kinda need it for work and will suck to be without it for a couple of weeks. Sounds like I'd best hold off just in case though.

Wozza85

Yeah I guess depends on the lender but you should be fine.

kingstreet

New credit/searches before completion are not going to do any good. The risk of them resulting in bad is therefore all one-sided.

No new credit between application and completion. If you choose to flout that, you face the consequences.

No-one can tell you if your lender is going to recheck your application before completion. What happened to them is completely irrelevant.

Idiophreak

kingstreet wrote: »

New credit/searches before completion are not going to do any good. The risk of them resulting in bad is therefore all one-sided.

No new credit between application and completion. If you choose to flout that, you face the consequences.

No-one can tell you if your lender is going to recheck your application before completion. What happened to them is completely irrelevant.

...says someone who knows the answer. I wasn't asking people for their personal experiences, I was looking for
a) "yes, they'll do that"
b) "no, they won't do that"
c) "there's a chance they might do that"

It seems the answer's c, so caution seems sensible.

You are a mortgage advisor, I'm not. I'm just a guy that wants to know whether he can get his broadband sorted out yet. People who know these things may have turned around and said "no, Nationwide don't do that" and I'd have known I was in the clear.

As it is, I've got my answer, so I'll have to wait. Sorted.

kingstreet

You got three answers telling you it probably wasn't a good idea and seemed to be leaning towards going ahead with it anyway.

I took post five as your way of saying "I hear what you say and I'm going to chance it" and decided to reply when TBH I wasn't going to bother.

It seems a little pointless creating a thread, asking for opinions then ignoring them at the end. I guess my lack of pleasure at that showed through.

Still, I'd rather have your displeasure at me now than your thread next week telling us your offer has been withdrawn. My shoulders are broad enough to cope.

Hope it works out, whatever you decide to do. Your broadband is vital to you, after all...

Idiophreak

Idiophreak wrote: »

Sounds like I'd best hold off just in case though.

kingstreet wrote: »

You got three answers telling you it probably wasn't a good idea and seemed to be leaning towards going ahead with it anyway.

Sorry, how exactly did I seem to be leaning towards going ahead with it anyway?

I was explaining why I was keen to get my broadband in, but *literally said* I wasn't going to go ahead...

kingstreet

Idiophreak wrote: »

Thanks all. I'm hoping it's relatively unlikely, as the whole thing's been done very quickly, so I don't know if they'd think too much would change in a couple of weeks...

Not looking to go bananas, anyway. Like I said, it's mainly the broadband thing...I kinda need it for work and will suck to be without it for a couple of weeks. Sounds like I'd best hold off just in case though.

Sorry, I must have missed the intended definite tone of that last line, mistaking it for a more doubtful "musing" kind of feeling.

Never mind then.

You weren't going to do it and you've confirmed it and everyone's happy.

The job, as we say, is a good one...