Need to know if a mortgage lender do further checks

[WorkingMum778]

Hi There,

Got the house of my dreams (well, my dreams, maybe not anyone elses!) room for my kids and in the right place for a schools. Didn't think i'd be able to do it, but i did!

Anyhooo. I've just exchanged on the new house, and complete in less than 1 month from now. I've had to take out a small personal loan as Ive got some costs I just cannot avoid I have to pay for.

I'm desperate that this doesn't affect the house and am not sleeping with worry.

Does a mortgage provider do another set of credit checks between exchange and completion (obviously the mortgage offer is in etc)??

It's not a massive thing, but it's a loan that wasn't on my file before. (Also, as a note the loan lender checks a completely different agency to the mortgage lender, i've investigated that during my 2am not sleeping worrying sessions)

Am I worrying unnecessarily? I just couldn't avoid borrowing the money, I had to as my car completely died. Everything apart from that is fine.. Just wondered if anyone knew, or has experienced it.

thank you x

Lenders do spot check a certain percentage of their offers towards the end of the process before releasing funds. It’s why you’re always advised not to take out any additional credit or change your circumstances between receiving your offer and completing on your purchase (and how they catch out some people who have lied about potential changing circumstances or stable finances for their application.)

There’s every chance you’ll be completely fine and not included in a check. And if it was a small loan, and unless you were right at the top of your affordability and income multiple in the first place, it shouldn’t be too much of a problem.

Yes, they can do another check as late as a day before completion / releasing the funds. I think you'll just need to wait and see - we got spot checked on our mortgage but hadn't taken any further finance.

Thank you for your help. I did think it would be a bit of a lottery.. And yes, I may have a bit of headroom above my borrowing on the mortgage but don't really know that..
If I didn't have to.. I wouldn't have done...😔

I suppose the only thing I'm thinking is that the mortgage lender has only ever ever ever used Equifax during the whole process right from the start, and the loan providers only ever ever ever use Experian..

So i'm hoping that if i'm super dooper unlucky, they actually won't be able to see it? Or have i got that wrong? Thank you everyone - it really helps being able to talk about it x

How did it go?
I have the same worry!!

Hi There, Absolutely fine. No further checks at all. Not even a sniff on my credit file. Seems it was all done and dusted at Mortgage Offer. Good luck with yours I’m sure you’ll be ok xxx

So pleased you got your house ok! Just to add though for anyone else reading it doesn’t matter which agency they use to approve your credit, every agency can see what lending you have as that’s consistent across the board. You have different scores with different agencies but they’ll all be reporting on the same debts so don’t rely on one agency doing or seeing something as they all have the same info.