will my mortgage offer be withdrawn?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
3 replies 919 views
helspihelspi Forumite
2 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
i am new to this thread so not sure if correct info.

I had a mortgage offer 5 december with my current mortgage company to port over existing and borrow extra.

myself and husband have had mortgage for 12 years, no missed payments on mortgage, loans, credit cards etc, nothing ever missed, perfect credit rating.

we have no credit/loans outstanding except mortgage.

am worried as my husband applied for barclaycard 2 weeks ago as want to pay for deposit of dining table on card incase shop goes bust for insurance. i then did credit search and found he already has b'card we have never used so he phoned and cancelled application.

we are due to exchange contracts next week and worried incase my mortgage offer gets withdrawn because of this new search on his file.

i have phoned and asked a couple of advisors at mortgage company and have both said there would be no problem but am just stressing.

we have £3000 savings so can prove we don't need extra credit, are getting £12,000 from sale of house for house refurbishment and extra savings and since we applied I have had a £200 a month wage increase.

will we be okay?

Replies

  • kingstreetkingstreet Forumite
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    Can't say for definite.

    An application for new credit can be an issue flagged up if the lender does a random audit close to, or at exchange.

    It's a theoretical risk, but one you should face if it happens. You might as well relax for now. There's nothing you can do about it.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • thanks, how can i check this out before exchange?
  • kingstreetkingstreet Forumite
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    No way you can do anything, I can think of.

    Random audits are sometimes triggered by the solicitor sending the report on title to request the money on the agreed completion date.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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