Halifax Mortgage between exchange and completion

laur3en1 · 25 September 2018 at 10:13PM

Hi everyone,

Your help would be much appreciated. I have a couple of questions.

I exchanged in May with Halifax on a new build mortgage which is due to complete in December. I was told by my mortgage broker not to apply for any more credit. 2 months ago my phone broke and on my existing phone contract I got a new phone which didn’t credit check but showed as a new credit commitment on my Experian credit report and brought my score down, I didn’t realise it would do that!

Secondly, one of the conditions of my mortgage was to pay my credit card off. At the time of exchange it had £2k on it. At the moment, because I use it for work and I travel a lot it is on £11k which by completion will be paid in full. At the moment due to that and my new phone my score is poor rather than fair.

I am not sleeping at night as I am scared to death Halifax might randomly credit check any day and decline my mortgage. The house is being built as we speak!

Can anyone help? I have read such contrasting comments!

Laura

csgohan4 · 26 September 2018 at 8:53AM

can you pay off the 11k on completion? if not you may have a problem as the lender may not like this.

foxy-stoat · 26 September 2018 at 9:44AM

You have racked up £9,000 in 4 months, what have you spent it on? If its for work are you going to get that back?

Did you have a strategy for paying the £2,000 credit card before completion?

Good news though, you don't have a credit score.

laur3en1 · 26 September 2018 at 9:50AM

Hi,

Thanks for your replies. I spent the £9000 on an annual season ticket for train travel. This amount will be cleared on October's credit card so balance will be back to zero.

Laura

foxy-stoat · 26 September 2018 at 4:37PM

No worries then.

scotgal30 · 26 September 2018 at 6:57PM

From what I have read there will be another credit check before the funds are transferred. They will want evidence the credit card is paid off in full.

Crazy money on train travel.

scotgal30 · 26 September 2018 at 7:01PM

I just seen on your previous post that your work loaned you the money for the train travel and they will be deducting it out your wage? Did you chose to put it on your CC? How are you going to raise 9K to pay this off?

laur3en1 · 26 September 2018 at 9:17PM

I put it on my credit card and have claimed it back from work. It will go in my October wage and I will clear the balance. It is a lot of money on trains but it is worth it. In a month’s time, my credit card balance will be zero and I assume I just have to show them my balance on the day I complete?

Laura

amnblog · 27 September 2018 at 7:43AM

Speak to your Broker about your concerns.

You were advised not to take further credit and have continued to do so.

Not clever if you are tight on affordability - Halifax will know what is going on with your credit file.

Your Broker will let you know if your situation means you are storing up problems.

laur3en1 · 27 September 2018 at 1:20PM

Hi,

I have spoken to her this morning and she has put my mind at ease.

The only additional credit I have taken out is a new phone contract which she said is minimal, it's not loans and new credit cards. My credit card balance is about to be cleared so fine. As long as my credit card balance is zero at completion she said I have no issue

Thanks,

Laura

Halifax Mortgage between exchange and completion

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