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Halifax credit checks before legal completion
jmdg
Posts: 20 Forumite
Hi,
Does anyone know just before the funds are leased if they do a further credit check?
Applied for mortgage back in March 2014 with Halifax. We got an effor and accepted. 3 weeks ago Halifax did a further 3 credit checks on me and my wife, this shows on the credit file. Underwriter called broker up, asked a few questions then that was it. Broker said because we've had an offer 8 months ago they wanted to ask some of the new MMR questions. All was fine and offer still stands.
Our house had the cml/NHBC (new build) check on Friday, Everything went ok and legal completion is now set for this Thursday.
Will Halifax do further credit checks on us just before monies are released? Not a problem if they do as we not planning on applying or buying anything, was just coririous how the process goes. Solicitor is requesting funds on Wednesday.
Thank you.
Does anyone know just before the funds are leased if they do a further credit check?
Applied for mortgage back in March 2014 with Halifax. We got an effor and accepted. 3 weeks ago Halifax did a further 3 credit checks on me and my wife, this shows on the credit file. Underwriter called broker up, asked a few questions then that was it. Broker said because we've had an offer 8 months ago they wanted to ask some of the new MMR questions. All was fine and offer still stands.
Our house had the cml/NHBC (new build) check on Friday, Everything went ok and legal completion is now set for this Thursday.
Will Halifax do further credit checks on us just before monies are released? Not a problem if they do as we not planning on applying or buying anything, was just coririous how the process goes. Solicitor is requesting funds on Wednesday.
Thank you.
0
Comments
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Halifax has a "live" system which carries out soft searches every time something changes, or a milestone is reached such as receipt of certificate of title from solicitor.
A case can be "re-decisioned" half a dozen times or more between application and completion.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
myn was a few days beforeDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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kingstreet wrote: »Halifax has a "live" system which carries out soft searches every time something changes, or a milestone is reached such as receipt of certificate of title from solicitor.
A case can be "re-decisioned" half a dozen times or more between application and completion.
Hi Kingstreet. Can you elaborate on this please. What do u mean exactly when you say soft searches take place when something changes? Which milestones? Thank you x:beer:0 -
Application submitted
Payslips received
Valuation received
Alterations
Certificate of title received.
Basically, it re-scores every time something changes. Then 1 in 12 cases are routinely audited, so if you are only asked for a single payslip, the case is re-checked and three months payslips and bank statements are requested.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you for the info guys.
Solicitor has requested the monies today to be with them for tomorrow. Completion is set Thursday.
I let you know how we get on.
J0 -
kingstreet wrote: »Halifax has a "live" system which carries out soft searches every time something changes, or a milestone is reached such as receipt of certificate of title from solicitor.
A case can be "re-decisioned" half a dozen times or more between application and completion.
100% correctI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Is this also the same for Santander?0
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