Mortgage condition?

[JM0934]

Hi All, we’ve recently received our mortgage offer from Nationwide. Under the special conditions, it says ‘This offer is issued on the understanding that the following commitments will be repaid on or before completion of this loan’.

This is for the £4500 we have on the credit card, which we are planning to pay it in full on the completion day, from equity of our house.

Does anyone know how they would check this as it says ‘on or before completion’?

I’m just worried that they will ask us to provide any evidence before the completion as we don’t have any spare money until we receive the money from the sale on completion day.

I’ve emailed our broker and she said we just need to pay this when we are ready, as long as it’s paid off when mortgage starts; Am I right to assume that they wouldn’t have a problem with us paying it on the completion day?

Sorry, finding the whole process really stressful at the moment and I’m overthinking about everything! 😟

On or before completion includes the day of completion so I don’t see the problem.

We had this same thing with Nationwide last year. They wanted us to pay off a credit card in full by the day of completion (the credit card balance was about £50). I'm not sure why it matters, it must be a standard clause from somewhere. We paid it before the completion date but nobody ever asked for evidence.

Me too to be honest but I don’t want to just assume it’s ok. Even though I don’t really see a problem as we are clearing it on the day of completion. Like I said, I think I’m just overthinking things and making myself anxious out of nothing.

Thank you, that’s good to know. I have asked my solicitor to see if we need to provide any evidence on paying this before the completion but we don’t have anything to show her apart from she would know how much we will get from the sale of the house after all the fees etc. are taken out. So there is more than enough to pay the credit card in full.