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Mortgage special conditions - credit cards
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CMB93
Posts: 27 Forumite
Hi, my boyfriend and I got our mortgage offer through on Monday 12/02, one of the special conditions is that we each pay off credit cards so balance is zero.
One card of mine, and one of his. Neither are huge amounts and although we could do without having another expense, we’ll both be able to pay.
My question is when do the bank (Halifax) check that we’ve paid? On exchange of contracts? Completion? Do we send them statement confirmation? Obviously it won’t have updated on our credit files before moving date (22nd March).
Any help or guidance would be greatly appreciated! First time buying a house and I can’t believe the stress and ambiguity of it all!
Thanks
One card of mine, and one of his. Neither are huge amounts and although we could do without having another expense, we’ll both be able to pay.
My question is when do the bank (Halifax) check that we’ve paid? On exchange of contracts? Completion? Do we send them statement confirmation? Obviously it won’t have updated on our credit files before moving date (22nd March).
Any help or guidance would be greatly appreciated! First time buying a house and I can’t believe the stress and ambiguity of it all!
Thanks
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Comments
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Lender won't check.
Solicitor might, just ahead of completion.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The solicitors isn't instructed to check, so they'd just be creating unnecessary work for themselves.kingstreet wrote: »Solicitor might, just ahead of completion.0 -
Cheers.
Wasn't sure if there was anything in the instructions to do so.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
So I won!!!8217;t need to send anything to the bank?
If the solicitor was to check, how would they do this?0 -
I wouldn't risk the lender withdrawing the offer, pay it off as per the mortgage offer terms."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Why don't you ask Halifax?
I thought they did a final credit check on completion day.Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0 -
Halifax never checked myn, and that was also my condition.Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Halifax never checked myn, and that was also my condition.
Doesn't mean one should risk not paying off the CC. If you have been told to do something when applying for your largest commitment of your life and you choose to ignore it, you have no come back when they do check.
Lenders do and will check, you don't want to be the unlucky people who were checked and offer withdrawn, remember if you have exchanged, you are financially liable for costs if you withdraw at that point, deposit paid included.
Like I said, is it worth the risk and gamble to see if they will check? or do something you have control over of."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Unless they've changed it, the condition is (typically) that you pay off the cards on completion (i.e. immediately following), not before. In which case the lender can't check that you've done it before you complete.0
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I had to produce a statement to Natwest showing the balance was clear before they would issue the mortgage.Dwy galon, un dyhead,
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.0
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