Sunday, May 4, 2014

Mortgage/Credit Check advice please?!


I have recently applied for my first mortgage. I provided my payslips and bank statements, and was told by my advisor a credit check was carried out and was successful, and have paid my initial £280 and I was told this covered valuation. I have since had a letter from her requesting my P60 and proof of deposit.

The problem is I plan to get a loan to cover my deposit. I have good credit so cant see this being a problem, and until I get the loan my parents are happy show proof they have the money and write a letter to say they can 'gift' me the deposit when ready to exchange, but what I am worried about is actually applying for the loan as I know a credit check will need to be carried out.

If I apply for the loan before I get my mortage, could this jepordise the mortgage? Are they likely to carry out any further credit checks before the exchange? And I am worried that if I apply for a loan after the mortgage (to give my parents the money back) that I may not get one if the mortgage provider does carry out further checks?

Any advice would be appreciated!
Thanks

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