Mortgage - Offer Condition Re Settling Credit Card Debt

rugbyref365

Hi

Currently have an offer from Nationwide in respect of a Remortgage and it has a Special Condition under the title "Debts you will repay on or before completion of this mortgage"

The actual wording is : This offer is issued on the understanding that the following commitments will be repaid on or before completion of this loan:- Credit Card with WWWW with an approximate balance of £XXX, Credit Card with YYY with an approximate balance of £ZZZ

How does this actually work. ?
Will the solicitor ask for proof at some stage.

Interested in the approach as we use the credit cards for normal monthly household expenditure and it is always paid in full each month. I can easily provide a statement showing last months balance paid off but it will also have new transactions on it for this month etc

What am I expected to provide. ? Something showing a total zero balance.

Grateful for any advice

WillyWonga

I had an offer with similar conditions. When I went to my solicitor to sign the papers she said that it is impossible to administer. She said the bank basically gives her instructions to make sure that the debts are paid off. As many are settled out of equity this can only be done after all monies have been transferred - ie your new lender has paid out on the day of completion. She said latest statements have to be obtained and they send a cheque etc etc at extra cost to you. The new mortgage company will never check as they have paid out the funds.

libf

Can you not just forgo using the cards around the time of completion so that they have £0 balance when you complete and then use the statements if required?