Mortgage credit checks before final release of funds.

[hajaba123]

He should tell them as his circumstances have changed, didn't he read the documents? Whether it matters or not is their call when he's given them the facts
Sorry didn't answer the question, not sure if there's a hard check or not, Sarnie can probably help with that.

[2gins]

In normal times I'd say the total monthlies look ok but how will he feel after his utility bills double and hmg take 1% ish of his salary?

I'd bin the PCP if I could and buy something Japanese for around 3k for a year or two until things are clearer.

[caminator11]

They won't check again before releasing funds. I would not mention it.

[Glade]

Obviously the right thing to do is tell them.

My GF got made redundant a week before release of funds.

I told the bank and the guy said, you've done the right thing and it is unlikely that we would check (but they sometimes do). And that most people wouldn't have said anything, now he had to re-process the whole thing.

I felt like he was telling me I shouldn't have bothered, but because it was on the record he had to process it.

[Sarnie]

I'm assuming the original post has been deleted.........

[BobToc]

Glade said:

I felt like he was telling me I shouldn't have bothered, but because it was on the record he had to process it.

That’s exactly what he was telling you.

[essayer]

£550 per month on a PCP? Christ.

[hajaba123]

Sarnie said:

I'm assuming the original post has been deleted.........

OPs son has a mortgage offer for a new build, taken out a pcp post this but ahead of completion which is imminent. OP asked if lender does a credit check before drawdown

[Enut]

hajaba123 said:

OPs son has a mortgage offer for a new build, taken out a pcp post this but ahead of completion which is imminent. OP asked if lender does a credit check before drawdown

OP's son didn't think to ask anyone whether it would be a problem BEFORE taking out £550 pm PCP?

[Sarnie]

hajaba123 said:

OPs son has a mortgage offer for a new build, taken out a pcp post this but ahead of completion which is imminent. OP asked if lender does a credit check before drawdown

Not on all cases but all lenders do spot check a percentage of all cases prior to completion. It's not huge, circa 5%.....but they do do it, I've seen it happen on a few of our cases....and if that PCP made it unaffordable the Offer would be withdrawn......