FTB Mortgage help

secondtoughest

I saw a mortgage advisor at the weekend and I have a mortgage in principle from Nationwide. What level of credit check has been performed on me at this point?

I hear stories of people who get a mortgage in principle then 'fail' at the last minute. I'd rather be sure I can actually definitely completely get a mortgage to settle my nerves, you know?

My mortgage advisor is saying Nationwide have done a 'soft search' on me and Nationwide say I should ask my mortgage advisor if he's done a credit check?

Is it correct that the constant credit checking has an adverse rating on my credit?

Help?

Rafter

They may have done a check with a credit ratings bureaux to check whether you are who you say you are and whether you have any CCJs or arrears on existing credit - as well as how much you have borrowed unsecured. If they haven't their decision is purely based on your application form and these checks will follow.

The next checks might involve an employer reference or checking payslips and bank statements to make sure you are telling the truth about your income and outgoings.

Multiple checks would cause a problem on your credit file, but wouldn't worry too much about it.

R.

CLS26

Sorry to hijack the thread but my question is along a similar vein.

If you do end up with a few searches because of the application process - is it possible to 'explain' these to a lender or do they just look at it and automatically reject you, no appeal allowed?

Thanks,
CLS

Wickedkitten

We are getting a mortgage through nationwide, put offer on house, got the arrangement in principle from the broker, put the application through 2 weeks ago on monday, they did the survey on the thursday, and we got our offer 4 days later.

The broker did say that when they put the application through, thats when they actually do the credit check.

catriona69

My understanding is that Nationwide do the credit check when they give you your mortgage in principle. I assume they did this while you were sat in the room. If you're not sure you should call the mortgage advisor you saw to check what they did.

feisty1

it is becoming the norm for lenders to perform at least 2 credit searches, 1 at decision stage & 1 at offer stage just in case anything has happened in between the two stages...........