Loan before mortgage drawdown

aoifeisabelle

Myself and my partner are in the process of buying a house. We've been sale agreed for a few months and have signed the contract and the mortgage papers. For some stupid reason, which we thought would be fine, we took out a credit union loan a few weeks ago. We didn't realise that the bank would do another credit check before we drew down on the mortgage. We've since fully repaid the loan and there's no penalty from the credit union. I'm just wondering what the bank will think of this? Presumably it'll show up on the credit check so will it affect the draw down?

Any advice is much appreciate!

Trish56

If you paid if off since it should show on the ICB that the loan is completed, if not just get a closing statement from the credit union if the lender questions it.

aoifeisabelle wrote: »

Myself and my partner are in the process of buying a house. We've been sale agreed for a few months and have signed the contract and the mortgage papers. For some stupid reason, which we thought would be fine, we took out a credit union loan a few weeks ago. We didn't realise that the bank would do another credit check before we drew down on the mortgage. We've since fully repaid the loan and there's no penalty from the credit union. I'm just wondering what the bank will think of this? Presumably it'll show up on the credit check so will it affect the draw down?

Any advice is much appreciate!

aoifeisabelle

Trish56 wrote: »

If you paid if off since it should show on the ICB that the loan is completed, if not just get a closing statement from the credit union if the lender questions it.

That is a relief to hear. Thank you!