Final credit check before completion

MisterSaf

Dear All,

I am a first time buyer and have got a joint mortgage with my wife on a new build. The house was estimated to be completed within the 6-month period of when our mortgage was approved. Unfortunately, this did not happen and Barclays gave us an extension for another 6-months.

I have not taken out any new credit - in fact I have paid off most of the credit now. 

On the first 6-months of the mortgage offer y credit file was spotless. A score of 814 and no adverse credit. However I checked my credit file recently, and whilst my score is the same, I have one adverse credit a month after my mortgage extension was given. It has been 11 months now since the initial offer was given. 

My questions are;

1. Do Barclays typically re-check a credit file before it releases the loan amount?
2. Secondly, will this one adverse credit have an impact on whether Barclays releases those funds?

Your honest experiences and knowledge is greatly appreciated. 

Smalltree123

I had three soft searches the week my funds were released. Broker said this is very normal (NatWest).  I was surprised as I had only applied six weeks previously so nothing had really changed since the hard search.  

Can you get the adverse credit removed? Could your broker explain why it’s on there if it does come up? I guess if it relates to a default it’s going to be more significant than a late payment of some sort. Maybe Barclays don’t do late credit checks though.  

No19v87

Depends entirely on the lender and randomisation of their checks, I believe.

I’m with Kensington and the only check ever recorded was at point of application, it was also only Equifax they checked which doesn’t necessarily have the same information as others such as TransUnion. 

They may check, they may not. Although if you need to extend the offer again, they absolutely will.

Nothing you can really do other than cross the fingers.