complete/exchange in 2 weeks but have used existing cc will this effect me?

tramppercy

Nope exchange either tomorrow or Tuesday i believe. So what does my solicitor need to do to make sure i won't lose it? Are you suggesting to pull out? I'm so confused

I have now cleared cc down to what it was before and so has my wife on hers so we are as we were.... but i just checked noodle and they update the credit on 28th of every month so not sure if will till show old balance! if it comes to it will me showing a statement of up to date balance do trick?

so are you saying that its only a small possibility of re-credit check? thats the only thing to be worried about here right?

Sorry for all the questions, seems this thread has made me now even more uneasy, so worried.

many Thanks,

Beancounter

Is it best to avoid using a CC whilst going through the mortgage application stage then?

We only use ours for day to day shopping and pay off in full each month, surely that won't impact any application we made?

tramppercy

anna42hmr wrote: »

have you actually exchanged, reading your initial post i assume you have not?

if not i don't think the deposit will be at risk as until exchange both you and other party can end the agreement, from reading above i assume that your sol is holding onto the funds in the meantime so its there to send at point of exchange? if so i understand if you pull out your solicitor can return the funds to you.

with regards to the credit card issue, don't panic so much, if you can afford to clear the extra they do so if it will mean you don't worry as much and if on the small chance they do re-credit check after the report is updated again then you can pass the mortgage lender the copy showing the funds had paid off.

as for the credit report update, from experience all my cards etc have only been updated once a month (though each card seems to be a different date depending on the bank.

i used my credit card for a couple of items whilst waiting to exchange etc and paid the transactions off a couple days later, this was to ensure that i got the section 75 cover for a few items and was not asked by the lender, but had the paperwork in place etc should they ask.

Nope exchange either tomorrow or Tuesday i believe. So what does my solicitor need to do to make sure i won't lose it? Are you suggesting to pull out? I'm so confused

I have now cleared cc down to what it was before and so has my wife on hers so we are as we were.... but i just checked noodle and they update the credit on 28th of every month so not sure if will till show old balance! if it comes to it will me showing a statement of up to date balance do trick?

so are you saying that its only a small possibility of re-credit check? thats the only thing to be worried about here right?

Sorry for all the questions, seems this thread has made me now even more uneasy, so worried.

many Thanks,

BaileyMoselle

I think your panic is groundless. I am not an expert but surely the worse that can happen is they ask you for proof of your present CC balance before releasing the money?

anna42hmr

tramppercy wrote: »

Nope exchange either tomorrow or Tuesday i believe. So what does my solicitor need to do to make sure i won't lose it? Are you suggesting to pull out? I'm so confused

I have now cleared cc down to what it was before and so has my wife on hers so we are as we were.... but i just checked noodle and they update the credit on 28th of every month so not sure if will till show old balance! if it comes to it will me showing a statement of up to date balance do trick?

so are you saying that its only a small possibility of re-credit check? thats the only thing to be worried about here right?

Sorry for all the questions, seems this thread has made me now even more uneasy, so worried.

many Thanks,

Hi, no i was not suggesting you pull out, just trying to clear up wether you exchanged or not as you seemed to imply that you believed you would loose your deposit regardless of what has happened.

you need to sit tight and stop panicking. in the event they re-check your credit file it is unlikely that they would pull a mortgage offer just on that basis alone (especially as you've already cleared the extra payment) i understand that it is very rare for a mortgage to be pulled once exchange has happened. Your solicitor will also be working for the bank as well in terms of the mortage and as I understand it will confirm with the bank they are still ok with the exchange etc before it happens.

have you had a credit card statement issued with this higher amount? the amount they report as the card balance is the statement balance and not the balance they submit the data. so for example if the statement date is 13th of the month and the balance is £500 that is what will be reported regardless of the date. So if the bank submit the report on 30th it would not be the 30th's balance.

Therefore if you have spent this money and paid it off before a statement is issued with the higher amount it will not (normally) be reported to the CRA any way.

Anyway if they do pick it up they will ask you about it first and just ensure you have something to show that you've paid the extra off and can send it to them.

There is no point in panicking about what may or may not happen.

lonestarfan

tramppercy wrote: »

Nope exchange either tomorrow or Tuesday i believe. So what does my solicitor need to do to make sure i won't lose it? Are you suggesting to pull out? I'm so confused

I have now cleared cc down to what it was before and so has my wife on hers so we are as we were.... but i just checked noodle and they update the credit on 28th of every month so not sure if will till show old balance! if it comes to it will me showing a statement of up to date balance do trick?

so are you saying that its only a small possibility of re-credit check? thats the only thing to be worried about here right?

Sorry for all the questions, seems this thread has made me now even more uneasy, so worried.

many Thanks,

An open forum is not the best place for you to get reassurance.
You have done the best you can by bringing your balances back down.
Did you apply direct to the lender for your mortgage or did you go via a broker. If you went via a broker then you should be asking them about this not a forum. If you went direct then you are just going to have to wait and see as you've done the best you can.
There is another thread running on here which is about withdrawing of mortgage offers and the brokers on there are saying it's rare so perhaps you could read that and take some comfort from that. I hope it all goes ok for you.

tramppercy

anna42hmr wrote: »

Hi, no i was not suggesting you pull out, just trying to clear up wether you exchanged or not as you seemed to imply that you believed you would loose your deposit regardless of what has happened.

you need to sit tight and stop panicking. in the event they re-check your credit file it is unlikely that they would pull a mortgage offer just on that basis alone (especially as you've already cleared the extra payment) i understand that it is very rare for a mortgage to be pulled once exchange has happened. Your solicitor will also be working for the bank as well in terms of the mortage and as I understand it will confirm with the bank they are still ok with the exchange etc before it happens.

have you had a credit card statement issued with this higher amount? the amount they report as the card balance is the statement balance and not the balance they submit the data. so for example if the statement date is 13th of the month and the balance is £500 that is what will be reported regardless of the date. So if the bank submit the report on 30th it would not be the 30th's balance.

Therefore if you have spent this money and paid it off before a statement is issued with the higher amount it will not (normally) be reported to the CRA any way.

Anyway if they do pick it up they will ask you about it first and just ensure you have something to show that you've paid the extra off and can send it to them.

There is no point in panicking about what may or may not happen.

Yes i've had a statement with higher amount issued last week. I have paid it off down to original amount this weekend.

Thanks for the advice, just hope they won't pull the mortgage from me without letting me submit statements etc to show deficit has been paid off.

thanks,

James

tramppercy

lonestarfan wrote: »

An open forum is not the best place for you to get reassurance.
You have done the best you can by bringing your balances back down.
Did you apply direct to the lender for your mortgage or did you go via a broker. If you went via a broker then you should be asking them about this not a forum. If you went direct then you are just going to have to wait and see as you've done the best you can.
There is another thread running on here which is about withdrawing of mortgage offers and the brokers on there are saying it's rare so perhaps you could read that and take some comfort from that. I hope it all goes ok for you.

Ok i understand thank you, have you a link to that forum? i cant seem to find it

lonestarfan

https://forums.moneysavingexpert.com/discussion/5208352

Post 11 & 12 are most helpful.

tramppercy

thanks very helpful. Seems like i was worrying over nothing as it answers my questions in the post you directed me to and says basically paying balance back down to where it was i will be fine. If the lattes balance doesnt show up in latest credit file then worst case i'll be asked to provide evidence of latest statement. Thanks guys