Credit check after mortgage approval but before drawdown

cosycosy

Hi All,
We have been approved in principle and are due to receive our loan offer on a house that we just went Sale Agreed on this week. We are a little short on our deposit and had planned on borrowing this from the credit union at the last minute. I know this is a no no. But - will the bank run a final credit check just before draw down and spot this?


Thanks :-(

ELM327

IN all likelihood, no.
But if the sale falls through and you need to reapply, then they will find the CU loan.

Wesser

Yes most likely. and they will require all documents re submitted in up to date forms.

cruizer101

Do you have money for the solicitor and stamp duty? Or is that part of loan.
I'm surprised you got approved without having the 10% in your account

Trimm Trabb

Similar question. We got our approval in principle in January which lasts for a year and then in August contacted them again as new build was ready to go ahead with purchase but they didn’t ask for all our payslips/account statements again - they just gave us the loan offer.

Are they going to ask for bank statements and payslips again at some final stage/drawdown or are we past that now?

kilburn

Wesser wrote:

Yes most likely. and they will require all documents re submitted in up to date forms.

No they won't AIP lasts 6 months and banks don't redo a credit check before drawdown

peteb2

cosycosy wrote:

Hi All, We have been approved in principle and are due to receive our loan offer on a house that we just went Sale Agreed on this week. We are a little short on our deposit and had planned on borrowing this from the credit union at the last minute. I know this is a no no. But - will the bank run a final credit check just before draw down and spot this?

Cruizer is right. they will want to see the ten percent and solicitor fees. Only drew down last month

jacqpreen1

Hi,

I’m in the same position here. Bid a little over my budget and thinking I might a loan to cover solicitor fees/stamp duty. Will the bank I’m getting mortgage from they run another credit check pre drawdown?

akelly02

what are the average cost of stamp duty and solicitors?

say if you want a 200k house , you obviously need 20k deposit , how much extra should cover it, another 7 or 8k perhaps?

jacqpreen1

I was going to get a loan top up of an extra 10K to cover it.

Jim2007

https://www.boards.ie/discussion/comment/119713944#Comment_119713944

They would be foolish not to because is is not unusual for people's circumstances to change or have been "engineered". Whether they actually do will depend on the human state - they are over worked, forget it, trust you, could not care less..... etc. There is no way to say if it will happen or no its a 50/50 change.