Likelihood of last minute credit check - Nationwide

RyanAnon

Hi all,

We're completing on our house in a few weeks. We're FTB. 

Our mortgage offer was issued by Nationwide with a note in there to say my credit card needs to be cleared (balance was approx £2k when I applied). 

Being completely honest, a lot of the costs we've had to pay leading up to the house purchase have been unexpected (or more like we hadn't done enough research beforehand). 

Going into buying the house, my credit card is still at £2k (I did pay £1k off but ended up putting £1k back on).

What are the chances of Nationwide doing another check before the money is released the day before completion? Would they reject on the basis it hasn't actually been paid off?

If I were to somehow pay it off now would they even see that if they were to do a last minute credit check on the basis that credit reports always seem to be a month or two out of date?

ACG

If it is a condition of your mortgage offer, it is quite possible your solicitor will want evidence of it being cleared. 
I dont think it is likely nationwide will do another check but couldnt say for sure. 

user1977

RyanAnon said:

Our mortgage offer was issued by Nationwide with a note in there to say my credit card needs to be cleared 

"Need to be cleared" when? If it's on completion then it wouldn't make sense for Nationwide to demand evidence that it's been cleared before completion. The norm is that your lender trusts you to deal with this sort of thing. I wouldn't expect your solicitor to get involved unless there's something unusual in their instructions.

RyanAnon

user1977 said:

RyanAnon said:

Our mortgage offer was issued by Nationwide with a note in there to say my credit card needs to be cleared 

"Need to be cleared" when? If it's on completion then it wouldn't make sense for Nationwide to demand evidence that it's been cleared before completion. The norm is that your lender trusts you to deal with this sort of thing. I wouldn't expect your solicitor to get involved unless there's something unusual in their instructions.

Sorry just checked in on this thread!

In the mortgage offer it says “On the understanding that the following commitments will be repaid on or before completion of this loan” then lists credit card balance

It then goes on to say “While these debts may be repaid from the proceeds of this loan, they may not be transferred to any other lender. Your ability to afford this loan has been assessed on this basis.”