We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Likelihood of last minute credit check - Nationwide

Options
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that if they were to do a last minute credit check on the basis that credit reports always seem to be a month or two out of date?

Comments

  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • user1977
    user1977 Posts: 17,804 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    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
    RyanAnon Posts: 22 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    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.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.