Credit Union loan before/after mortgage drawdown?

C

ce2016

Registered User
Messages
39
Our broker was telling us today that it looks like,this week, we're going to get AIP for mortgage but only at 80%. So our deposit will be used up. House would need a few things done to it,so when would be best time to ask credit union for a loan?Will bank do another credit check before issuing mortgage?So should we wait until after drawdown?

EDIT- Mods- Should I post this in the Mortgages forum also?Or is double posting frowned upon?
 
The banks will generally do a second ICB check immediately before the mortgage draw down. So you definitely shouldn't apply for the credit union loan until after draw down or else the mortgage offer could be rescinded.
 
Thanks. If we get approval in principle from credit union, but don't get loan until after drawdown, will it show that they've ran a credit check?
 
And do these credit checks show up when other institutions run their own credit check? So can a bank/CU see who has checked my credit rating?
 
Yes, they will see previous enquiries made, not sure if they can see who as in the exact name, might just say bank.
 
They will see who ran the credit check e.g.Ulster Bank, the date and your credit score at the time the check was run.
 
You must log in or register to reply here.
Back
Top