Mortgage app/LTV/Credit stain query

b0rker

I already have a mortgage with Northern Rock which expires in September 2009. I will obviously want to arrange a new fixed rate mortgage at some point after that. I will hopefully be wavering around the 90% LTV mark.
My question is. If I directly approach a mortgage lender and they go through the process of arranging the mortgage for me but come back to me and say that I have not reached the LTV according to their survey will that count against me as a failed mortgage application on my credit report?
Also if I arrange through a MA/IFA will the MA/IFA be likely able to tell me what the survey will likely be able to come back as? I don’t see how they would be able to.
My point is that it seems like a total gamble at the moment in relation to applying for a mortgage and being knocked back as you don’t meet the lenders minimum LTV. Therefore staining my credit record.
Is there some way round this issue?

herbiesjp

No it does not show up as a failed mortgage application - just a credit search (which is not a bad thing unless you have numerous searches i.e in double digits)

No - an MA/IFA will not be able to tell you the value of your property. That is down to the surveyor. They may be able to give you an indication, but that is all it will be.

You will not stain your credit record by making a simple mortgage application. Alarm bells do not start ringing. It could be you have pulled out from a mortgage application due to getting a better rates elsewhere!

b0rker

herbiesjp wrote: »

No it does not show up as a failed mortgage application - just a credit search (which is not a bad thing unless you have numerous searches i.e in double digits)

Ah right, many thanks for the info.

That is another mortgage related worry (sadly only one of many) off my chest!