Are nationwide doing any extra last minute checks due to covid before releasing funds?

LaurenJamie1991

Hi There,

I am now at the point where i should be exchanging and completing (fingers crossed) within the next 7 days or so. I am wondering with covid and everything are lenders doing any additional checks before releasing the mortgage funds?

I am with nationwide and i have heard they may credit check once more before releasing funds, but aside from that is there anything else they will do before the release?

I am self employed and this is my first house/mortgage so just wanted to see if anyone knows of any additional checks. You hear the stories in rare case of lenders pulling out and not paying out at the last minute and its got my nerves going haywire!

Thanks

bradders1983

All lenders reserve the right to run another credit check before releasing funds. Its probably pot luxk if they do or not, I doubt anyone will break rank and say if it occurs with all mortgages or not.

There have been cases on here of people losing offers at the last minute as they ran another check and failed it. Probably not what you want to hear but 🤷‍♂️

LaurenJamie1991

bradders1983 said:

All lenders reserve the right to run another credit check before releasing funds. Its probably pot luxk if they do or not, I doubt anyone will break rank and say if it occurs with all mortgages or not.

There have been cases on here of people losing offers at the last minute as they ran another check and failed it. Probably not what you want to hear but 🤷‍♂️

So is it just another credit check potentially then and nothing else? I just thought with it being two months since my offer until now they may try and ask for more info last minute maybe with all covid stuff but wasn't sure.

bradders1983

Yes just another credit check. If you havent applied for any other credit product since the first one there is likely no change to your affordability anyway.

LaurenJamie1991

Yeah i haven't applied for anything since i applied. If anything it should be even better as i had a small balance on credit card (under 2k) and its now around 1k.

peppapig14

I was wondering the same thing - we will have a week between exchange and competition and worried something will make nationwide pull their offer 

peppapig14

mainly due to quotes for house insurance etc, and spending more on house items