Halifax checks on completion 13 June 2020 at 10:27AM in Mortgages & endowments 35 replies 26.5K views

Fairway12

Has anyone had any experience with completing on a property with Halifax post lockdown? Are they doing further financial checks before completion? We have exchanged and due to complete in August. Mortgage offer is valid until December. 

csgohan4

they can and will do checks, from checking credit files or requesting updated payslip for e.g, why do you ask?

Fairway12

Just concerned with the current situation that they may become risk adverse and put in stricter requirements

csgohan4

Fairway12 said:

Just concerned with the current situation that they may become risk adverse and put in stricter requirements

generally lenders do honor offers put out already, very rare to pull offers unless there s a problem

FtbDreaming

I got my offer in February and my solicitor raised an enquiry with the mortgage offer last week and they have done another hard check. I’m still not near completion 

chanz4

every stage or check , they will run a search even when payingout

Irukai

Received our offer on the 13th January 2020, offer expires on the 30th September 2020.  We are completing and hopefully moving in on the 19th June, Halifax performed a Hard Credit Search and Soft Affordability Search on the 20th May. Called the Mortgage broker and solicitor at the time and both  said they hadn't heard anything and if we don't hear anything everything is okay. Doesn't help with settling the nerves though......but yes they are performing checks throughout the process. Will be interesting to see if they perform another one on drawdown day.

chanz4

Irukai said:

Received our offer on the 13th January 2020, offer expires on the 30th September 2020.  We are completing and hopefully moving in on the 19th June, Halifax performed a Hard Credit Search and Soft Affordability Search on the 20th May. Called the Mortgage broker and solicitor at the time and both  said they hadn't heard anything and if we don't hear anything everything is okay. Doesn't help with settling the nerves though......but yes they are performing checks throughout the process. Will be interesting to see if they perform another one on drawdown day.

the did when we took ours out before sending funds to the solicitor

SimonBck

Just out of interest what are they checking when they perform the checks? Is it to see if you have taken out credit after the offer? 

Irukai

SimonBck said:

Just out of interest what are they checking when they perform the checks? Is it to see if you have taken out credit after the offer? 

So far we have had the following checks, we are going through a broker:
07 November: Hard Search: Checking Credit Application
13 January: Offer received after issues with valuation. Broker performed a soft check as well.
20 May: Hard Search: Checking Credit Application
20 May: Soft Search: Affordability Check
By the sounds of things we can expect one more search this week. Some say it is just an employment/bankruptcy check but not sure.

Irukai

chanz4 said:

the did when we took ours out before sending funds to the solicitor

Did they check you between offer and completion then again on payout? Our solicitor is doing teh request this week if she hasn't done so already  Would be interesting to see how many checks they did on you.