Halifax credit check help!

Charlottie87

Hi I'm completing on my first home next week, I'm getting myself completely wound up over it all! I've been credit checked (hard search) by Halifax everything is done all fine. Since I've been credit checked I want to know will I be credit checked as since I've had searches from companies for sofas etc to go on credit so it's gone down.

Slithery

Possibly.

This is why it's always recommended not to apply for any more credit until after you've completed.

Charlottie87

So even less than a week to go they will pull the money?

GingerBob_3

Charlottie87 wrote: »

Hi I'm completing on my first home next week, I'm getting myself completely wound up over it all! I've been credit checked (hard search) by Halifax everything is done all fine. Since I've been credit checked I want to know will I be credit checked as since I've had searches from companies for sofas etc to go on credit so it's gone down.

From what we hear on this board, mortgage providers try to catch out their customers by slapping them with a second search just before completion. A disgusting trick if ever there was one, but we're talking financial services sector here, so the behaviour is to be expected.

Charlottie87

It's conflicting information some say no some say yes and I think that's why I'm in such a tizz!

ST1991

When did you apply for extra credit and how long since your first check?

I can see the issue - you're applying to borrow hundreds of thousands from the bank for a mortgage based on your current incomings/outgoings. They may have given you a different LTV if you had additional outgoings or a lower credit score.

On the other hand if the sofa on finance is £30 a month it's a small amount to cancel your whole mortgage product over..!

Saying that... does a credit search for a sofa actually reduce your credit score? Not unless it was rejected...?

Please keep us updated if you are completing in a week, how you get on. If you've already exchanged, it's likely that your solicitor has already applied for mortgage funds in readiness. If they have started this process already it's likely that you're in the clear.

ReadingTim

GingerBob wrote: »

From what we hear on this board, mortgage providers try to catch out their customers by slapping them with a second search just before completion. A disgusting trick if ever there was one, but we're talking financial services sector here, so the behaviour is to be expected.

What's so "disgusting" about checking whether the information contained in a mortgage application remains correct, and the loan is still affordable?

The only person who'd be "caught out" is someone trying to pull a fast one, suggesting the dishonesty lies with some of the customers of the financial services sector, rather than the industry itself.

Still, don't let facts get in the way of a good rant, eh?!?

Charlottie87

ST1991 wrote: »

When did you apply for extra credit and how long since your first check?

I can see the issue - you're applying to borrow hundreds of thousands from the bank for a mortgage based on your current incomings/outgoings. They may have given you a different LTV if you had additional outgoings or a lower credit score.

On the other hand if the sofa on finance is £30 a month it's a small amount to cancel your whole mortgage product over..!

Saying that... does a credit search for a sofa actually reduce your credit score? Not unless it was rejected...?

Please keep us updated if you are completing in a week, how you get on. If you've already exchanged, it's likely that your solicitor has already applied for mortgage funds in readiness. If they have started this process already it's likely that you're in the clear.

Hi! The solicitors sent me a document saying they have the fees from Halifax already when I asked my advisor if this was the case he said this means they have instructed Halifax to release the funds. They checked me in October and did a soft search in November. I've filled everything in signed everything I need to alls I need to do is transfer my deposit over on the 4th.

It;s the searches that have brought my credit rating down I don't actually have any finance on there yet apart from my credit card which only £200 on it.

I'm not actually borrowing that much in the grand scheme of things it's less than 80k

Shakin_Steve

You'll probably be fine, but why the hell didnt you just wait a while longer before applying for credit?
You should have visited this forum before applying, not after. You wouldn't buy a washing machine, then read the reviews afterwards, I hope.

Charlottie87

Shakin_Steve wrote: »

You'll probably be fine, but why the hell didnt you just wait a while longer before applying for credit?
You should have visited this forum before applying, not after. You wouldn't buy a washing machine, then read the reviews afterwards, I hope.

That's why I joined the website but if you go through threads there's so many different opinions and takes on what to do. I've only ever been told don't apply for credit while your application is going through which it has and I've not applied for any credit for a year with the intention of getting a mortgage.

[Deleted User]

I've never seen anyone who has the faintest idea about mortgages recommend applying for further credit before completion.