Final check after Exchange

stan1992

Hi all this is my first post.

We have just bought our first home, we exchanged contracts today and the completion day is next Fri 28th.
Our morgage is with Kent Relliance .
Since recieving our offer 4 weeks ago, i have had to get a 5k loan (i had all my tools stolen and quite simply had no other choice)
I am really worried that now my solictior has asked for the funds, Kent could withdraw there offer before transferring the money..
My advisor seems to think they will not run another credit check but im so anxious about it all.
Any rhoughts please ??

redman1989

Would this not be an insurance claim also? if it's queried on affordability then you can just prove that you would likely get your money back or provide a police reference number if it becomes an issue.

When did you borrow the money? might not even hit your credit file before a further check is done.

MABLE

stan1992 wrote: »

Hi all this is my first post.

We have just bought our first home, we exchanged contracts today and the completion day is next Fri 28th.
Our morgage is with Kent Relliance .
Since recieving our offer 4 weeks ago, i have had to get a 5k loan (i had all my tools stolen and quite simply had no other choice)
I am really worried that now my solictior has asked for the funds, Kent could withdraw there offer before transferring the money..
My advisor seems to think they will not run another credit check but im so anxious about it all.
Any rhoughts please ??

My advice is to tell them. Thats better than them finding out afterwards.

stan1992

Hi my tools were not covered and my van insurance were not interested either as it was parked at work during the day :mad:
We have already exchanged contracts. Payed for building and contents for new home and tramsferred our deposit.
I asked my advisor and he has said not to, as they will already have done the last check before your excanged. (he did say if it was 3/4 months ago we were affored our morgage then possibly, but seeing as was only 4 weeks ago not to worry.)
Worst case scenario parents said if it got pulled they wpuld borrow it and pay it off straight away so it wasnt an affordability issue! wish id come clean to them at first now. Live and learn

LawAbiding

Do you know which Credit Reports they have done the checks on before?

What data did you take the loan? It usually updates to credit files 4-6 weeks from taking any credit out.

Is completion within that timeframe?

csgohan4

depending on how close to affordability you are, could be ok, but the general advice on here is no new credit before completion

However you would hope you had 5k+ in emergency funding as buying the biggest purchase of your life it will certainly be a drain on finances. A new boiler, roof e.t.c are not cheap

stan1992

completion is next Fri, my solicitors have asked for funding..
I was told they used equifax, only showed up when doing DIP.
It is showing on credit file now..
As said if pulled ill pay it back.
But my morgage advisor is certain they wont pull out now unless was somethimg major like bankruptcy.

cool_techie

Hi stan1992, What happened with your case at the end?

Did the lender carry out any checks and all ok?

Thanks,
CT

stan1992 wrote: »

completion is next Fri, my solicitors have asked for funding..
I was told they used equifax, only showed up when doing DIP.
It is showing on credit file now..
As said if pulled ill pay it back.
But my morgage advisor is certain they wont pull out now unless was somethimg major like bankruptcy.