seeing 3 lenders this week - do I let them credit score me?

lethal0r

would 3 checks on my credit score be bad? should I just see who can offer me the best deal then let the best one check my credit score?

koexelek

Absolutely.
Three searchs in a week would go against you very badly.

I the current market a lender could decline you just for having had too many searches done recently, even if you are an A1 client with an unblemished credit history

_Andy_

Even easier - just look on their websites for the rates and save yourself some time.

lethal0r

im self employed and its going to be close with how much they can offer me and what I need. so im gonna take my accounts in and see what they all think.

koexelek

lethal0r wrote: »

im self employed and its going to be close with how much they can offer me and what I need. so im gonna take my accounts in and see what they all think.

Good idea. If they can't, in principle, lend what you need, no point in letting them credit score you

SolicitorMidlands

My partner has 2 mortgages approved but a company we spoke to at the weekend said that it wouldn't have left a foot print on his credit history. Is that incorrect then? The offers from both were crap.

dwsjarcmcd

SolicitorMidlands wrote: »

My partner has 2 mortgages approved but a company we spoke to at the weekend said that it wouldn't have left a foot print on his credit history. Is that incorrect then?

No it's not incorrect, what you will have is an 'agreement in principle' which leaves a 'soft' footprint, which has no impact on your credit history.

_Andy_

SolicitorMidlands wrote: »

My partner has 2 mortgages approved but a company we spoke to at the weekend said that it wouldn't have left a foot print on his credit history. Is that incorrect then? The offers from both were crap.

Some lenders leave a footprint, some don't.

SolicitorMidlands

Thank you SO much for your replies. What is even more confusing is each of them said they could lend him a different amount. The FA he is using now has given him a different figure too.

Is there any logic behind it?

Leon_W

"Is there any logic behind it?"

Well, yes there is.

Scenario 1. Imagine you are a very conservative building society. You don't like taking risks so therefore you may be only prepared to offer 2.5 X Joint Salary albeit at a very competitive rate. You also need the customer to have a 30% deposit. The risk reward for the building soceity in this case is low. Low risk. Low reward.

Scenario 2. You are a gung ho! lender that packages up bundles of mortgages to sell on (Northern Rock anyone ?). You don't need the client to have a deposit (in fact you'll lend them that aswell). You'll lend 4.5 X a joint income but the interest rate you charge will be pretty stiff. The risk/reward is high (it turned out too high in the end)

Now, these are the extremes, and most people will fall somewhere between the two. It is all about a delicate juggling act by working out where exactly you fit into that spectrum. I would say that a mortgage broker is ideally placed to advise you on where you fit within that spectrum, looking to get you the best rate for the loan size you require and taking into account your personal circumstances (but I would say that wouldn't I !).

Basically it is still called a free market and if all lenders charged exactly the same interest rate on exactly the same income multiple then there wouldn't be much choice would there ? It's this free market that prevented us from all driving round in Volkswagen Beetles or Trabants.

SolicitorMidlands

I understand now you have explained - thank you so much!!

The FA has called today and said the mortgage has been approved and he is searching for deals now. Does that mean it will all definitely go through? subject to valuation of the house of course.