Mortgage Credit Question

sagara

Can anyone tell me:

When you go to a bank for a mortgage interview - is it better to not let them credit check you if you are going to go to another bank later ?

- i.e. does it count against you in terms of Experian (etc) in that it looks like you are trying to get lots of credit - or is it ok to do this two or three times?

Many thanks,

Sagara

Robert_Sterling_3

You should ask for a provisional indication of what they would lend you and what the monthly repayments would be etc.
Having got such provisional offers from more than one lender you can decide which one to pursue further.

mummytofour

Do not get a credit check done until you have a mortgage provider that you are happy with!

YorkshireBoy

Experian's "Your credit report explained" booklet gives the following advice...

"Does making several applications for credit reduce my chances of getting credit in the future?
Making several applications for credit over a short period of time can influence a lender’s decision.

If you are shopping around for the best deal, you should ask for a ‘quotation’ rather than applying for credit. Asking for a quotation should not affect your chances of getting credit in the future because, for most types of credit, lenders do not have to search your credit report to give you a quotation. If the cost of the credit deal depends on your credit score, the lender may need to search your credit report. In this case, the lender should make a quotation search and not a credit-application search.

If an organisation gives you a quotation, this is not an agreement to offer you credit. If you need to know whether you will get the credit (for example, a loan), you will need to apply. The lender should tell you if they are going to search your credit report and what sort of search they will make. If one lender turns down your application, it is best to find out why you have been turned down before you contact other lenders."

You can download the booklet from here...

http://www.experian.co.uk/consumer/index.html

goingonholiday_2

Most lenders don't have the systems in place to use Experians Quotation search. It's probably a good idea to get your credit report from experian, providing you don't have any derogatory information linked to you the credit search shouldn't affect your ability to get a mortgage. As previous posters have said wait until you are happy with a mortgage provider before you go any further.