Credit Check prior to completion

edited 30 November -1 at 1:00AM in Mortgages & Endowments
8 replies 1.3K views
Ralphy101Ralphy101 Forumite
281 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi All

Just waiting on completion next friday.

Does anyone know if Mortgage lenders do yet another credit check prior to releasing funds?

I am with Leeds BS. so would be great to hear from anyone whos with them.

Otherwise some general advice.

Many thanks

Replies

  • libflibf Forumite
    1K Posts
    They can, so assume they will.
  • edited 3 November 2015 at 4:17PM
    amnblogamnblog Forumite
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    edited 3 November 2015 at 4:17PM
    Why do you ask Ralph?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • I am guessing they will. I'm in the process of applying with them and stupidly have a late payment this month. I a, guessing, I can kiss goodbye to my mortgage?
  • Is that right? I thought the mortgage offer was final. My fianc! and I had a little scare. We had an AIP from Halifax and they done a second credit check (first property we pursued fell through) and it got declined. Reason is, my fianc! is a twin and there is two letters difference with their name and their credit files are always getting merged or mixed up.

    My mortgage broker ignored them and went with Santander instead which we have just received the mortgage offer. If they do yet another credit checkcheck, I'm now afraid that the issue may pop up again.

    How final is the mortgage offer usuausually?
  • jaxkesajaxkesa Forumite
    323 Posts
    Part of the Furniture 100 Posts Combo Breaker
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    It's never final until after completion. They can pull the offer or re-credit check if lending criteria changes or they think there is a change in circumstances.
  • As far as I am aware it's extremely rare to have a mortgage offer pulled.

    Something would have to have changed in your circumstances, I guess if they did a credit check and found you'd just taken out a new loan or a new credit card then that would be cause for concern, but if you've been truthful and nothing has changed then I would expect everything to be fine.
  • Thanks for the replies.

    The reason why ive asked are two fold.

    1) setting up utilities such as elec, gas, broadband etc. companies will credit search you.

    2) I have a 0% purchase offer from my credit card, to which would help me with buying bedroom furniture, less painfully. However i am mindful of spending credit at this stage and potentially upset my lender.

    obviously these things take time, so i was hoping to be one step ahead and order furniture to coincide with my completion date on Friday.
  • David_WhiteDavid_White Forumite
    892 Posts
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    Ralphy101 - Whilst it would not necessarily cause an issue, I would suggest holding fire on getting a load of debt on your credit card before completing.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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