Paying off debts as part of mortgage offer

Nervouslywaiting

Hi everyone 

Just wondering if anyone knows anything about how this works...

As part of our mortgage offer we have to repay certain debts using our savings 'either on or before completion. 

Our solicitor has had us sign a letter that promises to do this and sent that back to the lender. I asked him how they check this (e.g. do I need to get statements to prove the balances are clear?) and he just said the lender will perform their own checks and the only thing we need to do is provide the letter. What does this mean?

I took his response as maybe they'd run another credit check. Basically I'm worrying that if they check using my credit file, and if my credit file isn't updated in a timely manner then everything will be delayed. Is this likely? 

The lender is Saffron Building Society if that makes any difference. 

user1977

It means the lender is going to trust you to do it. "On or before completion" means they're not going to be able to check before completion whether you've done it - because you could legitimately be doing it with money you're receiving on the completion day.

foxy-stoat

You have signed something from your solicitor so they cannot be sued by the insurers if for any reason you do not do what is required, should anything adverse happen any time in the future.

It wont be delayed, the lender cannot check for a month or 2, but to protect yourself and your family clear your debts on completion day.

Nervouslywaiting

foxy-stoat said:

You have signed something from your solicitor so they cannot be sued by the insurers if for any reason you do not do what is required, should anything adverse happen any time in the future.

It wont be delayed, the lender cannot check for a month or 2, but to protect yourself and your family clear your debts on completion day.

Oh they will definitely be paid! In fact we are going to pay them before completion using savings. I just worried if they were going to do some sort of check, that by me having to prove it would delay things.