Mortgage Credit Check

Coventry83

Hi All

Currently in the process of buying our first property.

I have received a mortgage offer around two weeks ago.
Currently waiting for the property searches to come back.

Halifax did a credit check on full application- which showed up on my credit report.

Does anyone know what Checks Halifax do before Completion ?
Do they just do a electric credit check ? Do they call my employer to verify employment etc ?

Any help on this would be useful

Thanks

kingstreet

Further soft searches take place through to completion and if the case is pulled for routine audit (1 in 12 are) you'll be subject to more scrutiny.

No new applications for credit until after completion, just in case you were pondering that and not mentioning it specifically.

amnblog

Coventry83 wrote: »

Hi All

Currently in the process of buying our first property.

I have received a mortgage offer around two weeks ago.
Currently waiting for the property searches to come back.

Halifax did a credit check on full application- which showed up on my credit report.

Does anyone know what Checks Halifax do before Completion ?
Do they just do a electric credit check ? Do they call my employer to verify employment etc ?

Any help on this would be useful

Thanks

Fess up, what is the real reason for the questions?

jaxkesa

kingstreet wrote: »

No new applications for credit until after completion, just in case you were pondering that and not mentioning it specifically.

I am hoping to get an offer and subsequently exchange on a new build but completion won't be until December. Does this mean I should not make any credit commitments until next year?

I was pondering a personal car lease (not hire-purchase) but would this be frowned upon by a lender?

Teqpro

I'm in exactly the same situation, Halifax has approved my mortgage for a new build to complete in December. I'm exchanging contracts this week so in the meantime I'm prepared for more soft checks over the next 5 months. Best to get the house sorted first and in the meantime you could get a cheap runaround?

[Deleted User]

As kingstreet said, I wouldn't go applying for credit of any sort until a while after the completion. Remember once you move it's also likely you'll have more searches on your credit file as a result of the move itself, utilities or insurance etc. Applying for car credit before completion would affect the mortgage. You'd also have to declare that you knew you'd have an additional financial commitment at the time of completion, in the form of an extra monthly payment.

kingstreet

jaxkesa wrote: »

Does this mean I should not make any credit commitments until next year?

Yes. Wait until after completion.

I was pondering a personal car lease (not hire-purchase) but would this be frowned upon by a lender?

Avoid anything which involves a credit search.

Equatorial_Guinea

For me, Halifax did a credit search for at the start of the process - back in March. Only yesterday I received the full offer. They did not credit check me again.

kingstreet

Equatorial_Guinea wrote: »

For me, Halifax did a credit search for at the start of the process - back in March. Only yesterday I received the full offer. They did not credit check me again.

You've only reached offer.

Further searches can be carried out if any amendments are needed and when the solicitor submits the report on title.

BTW have you checked two or all three of your credit files as it's possible the soft searches will be visible on different files as some are BoS, others are Halifax?

Equatorial_Guinea

kingstreet wrote: »

You've only reached offer.

Further searches can be carried out if any amendments are needed and when the solicitor submits the report on title.

BTW have you checked two or all three of your credit files as it's possible the soft searches will be visible on different files as some are BoS, others are Halifax?

Good point. Nope haven't checked all three, only Experian and Equifax. Nothing so far. We'll see how it goes.