Skipton 100% mortgage credit check

Househunter21

Hello, 

We have a mortgage offer from Skipton on their 100% LTV mortagges. We are awaiting an exchange and completion date currently and expecting this in January. 

During the process of the offer we gave our current outstanding balances for our credit cards and highlighted those that will be paid off in full prior to completion. 

Over the last  few months we have had a serious of issues which has meant using our cards which i know is not ideal as its increased our outstanding balance. The cards we have told them we will pay in full will still be paid in full but our other balances will be higher. 

Does anyone know firstly if Skipton will do a further credit check prior to completion and if so how in depth this will be? Will it highlight the higher balances or are they just looking for missed payments, late payments etc? 

Any help will be appreciated as this is causing quite a bit of anxiety given how far along it all is.

silvercar

Always the risk, with any lender, that they do further checks prior to completion. 

On the face of it, you are complying with the terms (if made part of the conditions of the mortgage) that you will have repaid the balances you said you would. But, in making that proviso, I’m sure the lender wasn’t viewing it as you transferring debt from one card to another, so retaining the debt.

ACG

I think it is rare lenders do additional credit checks prior to completion. But if they are going to do them, I would imagine a 100% mortgage is probably where they are going to start. 

Nobody can answer for sure, but just bare in mind that if you exchange contracts and they do another check that is a BIG risk. As they could pull the offer and you are legally obliged to complete. With a 100% mortgage there is no Plan B.