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Default added to credit after mortgage offer

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Fungusthebogeyman
Fungusthebogeyman Posts: 1 Newbie
in Mortgages & endowments
Some advice please, we have had a formal mortgage offer, and offer for a house accepted, after a survey it has shown around 50k (structural) worth of repairs are needed, (very old house) but before we offer the sellers less in light of the unforseen repairs we have found that a historic default has been added to a credit history in the last couple of weeks. it is a settled one but is 2 years old. Will the revision of the mortgage loan have to be credit checked again? And will it effect the mortgage offer as it wasnt there when the intial mortgage application was made. No point in trying to get the price down if the mortgage will be withdrawn.

Comments

  • YHM
    YHM Posts: 650 Forumite
    How long ago was your initial offer provided?

    Did you use a broker? You will need to get them to ask your lender if they re-credit check on downvaluations
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Potentially you could be rechecked at any time.
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