Accord financial check before completion

simon_or

As per what my broker said, banks will often do a refresh of the credit file using a soft check between the mortgage offer and completion. As long as your credit profile and debt situation hasn't changed massively in that time, it won't cause any problems.

If your application gets selected for an audit, then they can ask for things like latest payslip, bank statement, etc. It's only ever happened to me once, with Scottish Widows.

BeerSavesMoney

BW1990 said:

rincha said:

From my experience, yes all lenders do. My broker told me just last week, one of his clients went on a spending spree 5 days before exchange/completion and racked up £6k on his credit card. The lender did a final credit search and found out. He lost the mortgage and house. I’m unsure how it all works but they all do final checks. 

If you were lending someone, let’s say £50k, wouldn’t you check them out once again before handing over the cash? 

Standard practice 

Presumably the individual concerned was extremely unlucky if the card he'd used to rack up the £6k was reported to the CRA between the day from incurring the debt and the day his lender did a pre-completion credit check? Usually takes a good month for credit usage to show on a credit search? 

I was thinking this doesn’t seem likely as credit cards usually update the previous statement balance on your credit report a month later.

chanz4

halifax didnt check me again after full application