• Credit Search

    By Guest on 26th May 2016

    Hi, I am at the offer stage waiting for exchange contracts, I have got the offer from my lender so did my solicitor and he is working on some items asked by the lender. I need to arrange flooring for the new property and would like to spread the cost and use 0% finance offers, and this will include credit search. My question would this jeopardise the whole thing? would my lender withdraw the offer? can the lender do another credit check without my consent? does that mean I can not apply for a credit card before the completion too? many thanks in advance

  • 1 Answers

    By Guest on 30/05/2016

    The mortgage offer is based on your financial circumstances as they were at the time of the application and you are obliged to inform the lender of any changes. The lender can and may very well carry out another search prior to releasing the mortgage funds and is quite within its rights to withdraw the offer if something has changed. Discuss your plans with your mortgage broker and your lawyer before exchange and make sure any additional borrowing you have taken out or plan to take out is fully disclosed to your lender and that your lender expressly confirms it is still happy to proceed. Better still, if the new borrowing can wait until after completion then wait.

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