Pre-Completion Anxiety!

Dboy14

Hi All,


First time poster here looking to keep his sanity while waiting to complete on his mortgage.


We received our mortgage offer in July and exchanged shortly after on our new build dream house. Fast forward to now and I'm currently sitting on an oil rig stressing all night because of an irrational fear of our offer being retracted before completion which is on the 3rd of December.


I think I've read every ' last minute credit check' or 'offer refused after exchange' thread on this site, and many others!


Our circumstances haven't changed, usual use of revolving credit etc but no additional lines of credit been opened, no missed payments since the offer was issued etc but still I find my self panicking that the rug is pulled out from under our feet before we get the keys.


Is there anyone out there who could help put my mind at rest by answering a couple of questions below please:


1. As I understand it Halifax run a 'live credit checking system' which soft searches our credit files on any change to the account. So for example when our solicitor sends the title deed before requesting the funds Halifax's system will credit check us again. My question is, is this just a check to ensure no further loans have been taken for example or is it an in depth check? Logical thinking suggests that the underwriting process pre offer is the extensive searching into our finances and that further checks are a simple check to ensure you still only have the same accounts and are up to date with payments but I'm just looking for someone with experience to clarify this.


2. How often do banks, in particularly Halifax, retract mortgage offers before completion? Do the MA's out there see this often?


I totally appreciate this sort of thing has been asked to death and many will simply tell me to refer to previous threads but I thought I'd ask the questions anyway on the off chance that someone could give me some advice and hopefully help me to get some sleep at least!!


DB

ACG

In 5 years or so as a broker we have never had an offer withdrawn that I can think of. But in saying that, I do not use Halifax on a regular basis, maybe only a handful of times in 5 years.

Silverum

I can't offer the specific information you asked for, but I was exactly the same as you and had the same fear. I did loads and loads of googling and everything told me that as long as we didn't take out additional borrowing, or miss any payments, we would be fine.

As long as you've told the truth in your application you have nothing at all to worry about. I don't think every application is credit checked again before completion anyway, but even if it was, in the above circumstances you've nothing to worry about.

You'll not relax until 3rd Dec - but at least it's not long to go now.

nkomp18

I had the same fears as you and my mortgage was with Halifax but everything went very smoothly in the end, no additional credit checks or anything like that, I think you will be fine. I completed a month ago

MJ_Mortgage

We've only ever seen one mortgage offer pulled following a credit check but that was due to a client taking out a car loan without informing us.

if you've declared everything and nothing has changed, you shouldn't have anything to worry about.

Dboy14

Thanks for the replies so far! Good to know it doesn't seem common place to lose a mortgage offer at this late stage. If anyone else has different experiences then let me know.

Tomg84

We're in the very similar situation as you. We are due to complete on 30 November with a mortgage from Halifax. We're a little less anxious than you but just want it to be complete now! Sure everything will be fine!

Dboy14

Tomg84 wrote: »

We're in the very similar situation as you. We are due to complete on 30 November with a mortgage from Halifax. We're a little less anxious than you but just want it to be complete now! Sure everything will be fine!

Glad to know Im not the only person wishing away time then! Im sure everything will be fine but there's always that nagging thought that something could go wrong and we would miss out on the home that we both want so much. We actually reserved in April so its been a looooong year so far.


I'd really appreciate it if you could update me as your purchase progresses, if you get more checks carried out or further questions asked for example. Good luck with the move.

petermortgages

i am completing this Friday with Nat West and this fear is so hard to cope with.

[Deleted User]

petermortgages wrote: »

i am completing this Friday with Nat West and this fear is so hard to cope with.

Look on the bright side.

If your new house is included in the Black Friday sales, you might end up getting 40% off.

petermortgages

Haha - unfortunately not