credit check between exchange and completion

Brightspark87

Hi guys

Very happy to have exchanged on Tuesday - now sorting out bits and bobs as moving into the new house 2nd July. Completion is set for 22nd June.

I went to change our BT services and as well as not being able to activate until 7th July (as of today) and they perform a full credit check....

I'm just worried about our mortgage company and doing a check before the completion date... but equally need internet at least the week we move in!

Thoughts?! Thank you

TBagpuss

What is your LTV? And how clsoeto your maximum borrowing capacity are you with the new mortgage?

Where you could run into dificulties is if you are at your fincial limit in getting the new mortgage, so any aditional bowwing or spending ,ight push you out of the lender's afordability criteria.

I don't think that a credit check in itself is likely to be an issue, it is more about whether the result of that check now would be different to what it was when you applied for the mortgage - e..g if you have taken on more debt, or have higher finacial committments now than whan you applied.

That said, if you are worried, ask yourself whether you really need *home* internet in that week, or whether you could manage with the data on your phone (assuming you have a smart phone) or accessing the net via your local library / at a friends home / during breaks at work (subject to your employers policies) etc.

marksoton

I wouldn't sweat it. Utility credit checks are fine. Trying to obtain large amounts of new credit not so.

Brightspark87

we are 25.39% deposit not sure if the product was a 75% LTV or 80% as we looked at so many!

Its no additional credit - its simply a continuation of the same bt services we have at present on the same deal of £30 a month (internet and phone) no additional services or cost.

Although yes we are happy to wait until 7th July we really don't want to move in on 2nd July and wait until 18th July for internet at home! this would be the date if we changed on completion date going by the current stats. We both use heavily for both work and pleasure.

Brightspark87

So I think I will just leave this until next week as I am too worried about the credit search showing causing flags on my report!

HappyMJ

A credit check for telephone, gas and electricity will be fine.

It's quite normal for someone moving into a house to apply for credit for these services so I would not worry about it at all.

Go for it. You've exchanged a couple hundred in credit isn't going to make any difference. The purchase will complete.