Halifax mortgage and card - CRA not updated

MrsO84

Application for Halifax mortgage going in this week but a bit concerned as I paid a lump sum to Halifax credit card last week and not yet updated on CRA (Experian). As the credit card is with the same company as the mortgage application, will they be able to see the update balance on the card and use this rather than the out of date info held by the CRA? Credit card was last updated on Experian on 10th July but not sure if it updates on the same date each month.

kingstreet

Just enter the higher balance and tick the "to be repaid on or before completion" box.

If some of the debt is not being repaid, enter each bit separately, one to be repaid, one to be retained.

MrsO84

Thanks kingstreet, this is going through a broker so should I just let them know? Paid £2000 so balance of £980 remains and being paid monthly by direct debit.

kingstreet

Yes. Whoever is going to submit the application needs to know.

MrsO84

Should this showing on the Experian report greatly affect the application as Halifax should see the payment on their system?

kingstreet

They will see the higher balance that you are going to enter and note as to be repaid on or before completion.

This is the way this issue is dealt with by people who do this 24/7/365.

MrsO84

Sorry for another question, new to this! When you refer to completion, what does that mean? Does it take a few days for the application to go through and this is referring to the completion date of the application?

lee111s

Completion of the house purchase. The day the monies, and keys change hands.

MrsO84

Ah, I see! Well we are probably a long way off that as we haven't yet found a property!

kingstreet

They are concerned about the point you are going to start paying the mortgage, completion and onwards.

MrsO84

I understand, it will probably be a few months at least before we are at that point, so am I worrying over nothing?