Does Nationwide run credit check between exchange and completion?

hue2345

Hi all. I have a mortgage offer from Nationwide. Exchange is next week Friday and the completion is week after in March. 

I can see that Nationwide has run a soft check on my credit record before extending the offer.

my solicitor asked the funds and Nationwide confirmed through text message that they will release them to my solicitor a day before completion.

however, it seems like the lender has all legal rights to withdraw their offer at any stage before completion. So, there is no guarantee that I won’t lose the deposit I have if they withdraw their offer.

Does Nationwide run another check between exchange and completion on the credit file?

themainman84

They can and often do run credit checks up until day of completion. If your circumstances remain the same e.g no new debt such as large CC transactions or finance then you should have no issues. The only time they will pull an offer (and this is very rare) is if there is a large finance added to file (like a car) or if circumstances change (job loss).
If all is it was when you were approved then you will be fine 🙂 

Noneforit999

Unless you have taken on a new credit agreement in that time, I wouldn't be worried.

Thrugelmir

hue2345 said:

Does Nationwide run another check between exchange and completion on the credit file?

Why the concern? 

Rodders53

Thrugelmir said:

Why the concern? 

https://forums.moneysavingexpert.com/discussion/6335841/more-credit-card-usage-before-exchange

hue2345

mortgageFTB said:

Back in 2015 - nationwide did run a second hard search on me before funds were released.

Thanks! Did that happen on the same day as the funds were going to be released?

SuseOrm

You could exchange incomplete on the same day to avoid any worries

SuseOrm

Exchange and complete, that’s my plan I’m not having anything go wrong once my deposits been paid.  

hue2345

SuseOrm said:

Exchange and complete, that’s my plan I’m not having anything go wrong once my deposits been paid.  

Thanks, that’s what I pushed for but the chain is having none of it.

hue2345

It’s quite stupid TBH that the buyer is not protected for a potential event of lender withdrawing their offer after exchange. They should not be able to withdraw the offer after exchange takes place.

Thrugelmir

hue2345 said:

It’s quite stupid TBH that the buyer is not protected for a potential event of lender withdrawing their offer after exchange. They should not be able to withdraw the offer after exchange takes place.

Lenders aren't stupid either. There's hundreds of thousands of pounds of their money at risk. Buyers can do whatever they want if they are funding the purchase in it's entirety.